SLV has taken out resistamce at 22.34
Looks like SLV has entered the yellow gap gap at the lower bound, but not quite sure.
Anyway I expect that the gap should be filled and then I consider a full or partial exit.
At around 26 there is a heavy resistance line!
Price Action: Yesterday HUI had a STRONG pullback from Fibo RL 61.8% (and new violet resistance line) at !
Risk Mgmt: Raised Stop Loss to entry level to eliminate loss.
Correlation: Added Gold Trust for comparison: While GLD has like HUI broken above steep declining resistance line, it NEEDS to jump back above 9y ...
DMI has not yet given a buy signal, but the same pattern like back in end of 2000 and end of 2008 establishes IMO.
Fibo timeline is experimental (1 and 2 are tops, 3 is middle, 5 and - ideally - 8 are bottoms in the pitchfan).
2013-06-24: Maybe a huge falling wedge is shaping. Will there be support at around 18? If not, will there be a further breakdown to around 10?
2013-06-26: First target - Support at 18 - has been reached.