TraderBwater

SLV remain long term bearish

Short
BATS:SLV   iShares Silver Trust
The shooting star candle on the weekly last week points to weakness at least in the short term. The question is: is this just a short-term pullback (blue arrow) or it's the top for a long-term correction (yellow arrow)? Looking at the RSI on the monthly and weekly, it has never taken the top of the peak and the rally from the bottom has been in 3 waves. I highly suspect that this is just a wxy corrective bounce and is the beginning of a long-term pullback. But we should also watch DXY by then to see if it continues to go up

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