themarketzone

Silver below the 200 SMA line following False Break

AMEX:SLV   ISHARES SILVER TRUST
$SLV's daily run from 13.5$ 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
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