Silver Breaking Support

For a few weeks now I have been watching the key Support of 19.42 on SLV which corresponds to 21.00 on Silver Futures SI1! :

This is a long term Weekly Timeframe support established by the COVID Low through February 2021 High. I made a video about this High then because around the financial media there was a meme encouraging retail traders to BUY SILVER to create a SHORT SQUEEZE and stick it to the hedge funds (see Video link below)! My video went back through news article history to show that this same meme had been used to dupe Precious Metal Bugs into false breakouts 4 out of the 5 times in the last two decades. Q1 2021 was a good time to piggy back on the "Short Squeeze" meme and resurface this old one in Silver. Well, now the record shows that 5 out of 6 times the "Short Squeeze Silver" meme has failed as Silver continues to trade lower 17 months after the fact. This is why it is important to be highly skeptical of mainstream financial media. Often times (in my conspiracy theory) they are put out by PR departments of the funds themselves to manipulate market sentiment in some firm(s) favor.

With this break of support Silver enters what I call "The Valley of Risk" where holders are faced with unknown losses as Supports become less clear. I am forecasting a fall into the mid-teens over the next few months. I have expressed this thesis in Put Spreads through the end of the year.