Silver below the 200 SMA line following False Break

$SLV's daily run from 13.5$ to 15.5$ started from the bullish AB=CD pattern shown in the chart and it was stopped right on the daily 200 SMA line following a bearish Butterfly pattern completion.

The Fed's announcement, as expected, created some fireworks and spikes in metals, but eventually $SLV declined below its 200 days Moving Average.
The failure of the breakout attempt in $SLV created a bearish False break that was followed with a close below the 200 SMA line.
Now, next targets for the bearish Butterfly setup are 14.5$ and 14$.
Just like the successful setup in $GLD (see linked idea), I expect $SLV to continue lower and test the zones mentioned above before making another attempt to rally.

If $SLV will rally back towards 15-15.2$ it may provide another chance to bet on the bearish move with a KOD setup (Kiss of Death).. just like it allowed second entry near the 14$ with a KOL             setup.

Tomer, The MarketZone
Follow me on TradingView
Subscribe to my newsletters -
Follow my blog -
Subscribe to my Youtube channel -

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out