$SIlJ wants lower. $8-9 over the coming months

AMEX:SILJ   ETFMG Prime Junior Silver Miners ETF
On high timeframes, we seem to be continuing the trend of forming lower highs. The rejection of price at $15.49 gives me the setup I was looking for to think $SILJ is going lower.

On top of the rejection, the RSI is overbought, the moving averages on ichi are stretched with price above the moving averages giving me reason to believe price will snap back lower, and I have a hard time seeing how price gets above the cloud (on higher timeframes, there's thick resistance w/ the clouds).

I think there's good reason to believe we're heading lower here. I think price will first head down to $11.66 but being its' already been tested as support multiple times, it's weakened and price should break through that support fairly easily. Which leads me to believe the next target on the downside would be $9.44 and below that $8.32 if that support fails to hold.

Let's see how it plays out over the comings weeks/months.


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