Right or Wrong, a Great Spot for a Silver Bounce
What a great spot to expect a bounce and possibly a major turn for the silver market. Take a look at the daily chart below and consider these possible influences for such a bounce…
A bounce here would be right at a 61.8% Fibonacci retrace of the June/July move from $18.61 to $21.63. It would also be an exact retest of the longer term downtrend line from above (and if silver does bounce here it will immediately invite momentum traders to join it). With the Swap Dealer short interest so bloody high, perhaps we can still be on the lookout for a headfake-surge-squeeze scenario. Why not. Recall how it got started in 2010? We do.
Source: http://www.gotgoldreport.com/2014/08/right-or-wrong-a-great-spot-for-a-silver-bounce-.html
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