I have been in discussion with my fellow trader colleagues and we are of the opinion that SI has been oversold and Equities overbought. This is actually backed by COT report so there can be no dispute. Further more, it seems like the Gold/Silver spread has already reached the high and is overdue for a big fall. If I am not wrong, we will see a strong rebound of shorts covering for Silver.
Comment:
The low made at 16.605 should be the bottom.
Trade closed: stop reached:
I was wrong. However, right now it is still not clear the direction. This triangle seems to extend longer than my patience.
