SILVER, This Crucial FORMATION is About to Activate the BEARS!Hello There!
Welcome to my newest analysis of SILVER from several timeframe perspectives. The recent determinations within the SILVER price are so severe that I saw no other approach besides deeply analyzing the current bearish indication within my analytics backend and approaching the most acute indications here. Especially, as SILVER is emerging with these heavily accelerated bearish pullbacks liquidating the bulls in the market and penetrating the still remaining supports the major bearish dynamics are increasing more and more and should not be underestimated.
The DXY, U.S.-Dollar Index is trending towards the upside with one new higher after the other together with the more than $100 Trillion market-cap bonds market trending towards the upside this is setting up a huge bearish sentiment for the asset of SILVER as investors open interest declines in SILVER and the bears are expecting the bulls to be roasted. In chart terms this means that SILVER on the weekly timeframe perspective is building this gigantic descending triangle foramtion that will be completed with a final breakout below the lower boundary and from there on the major bearish targets of 19.015 will be the minimum target of this gigantic descending triangle formation.
There are also many other factors that indicate the major bearish breakout and net long-liquidation scenario to emerge in the next times especially because SILVER is forming this major wave count on the lower timeframe perspectives with the bearish wave A setting the momentum of the bearish wave count. Now within this local wave-count SILVER is forming the ascending wedge as the main flag pole bearish wave B that is going to set up the origin of the bearish wave C extension once it has been completed. Together with the descending triangle, this is going to be a double confirmation, the major descending triangle on the weekly, and the bearish wave count on the local.
Taking all the factors into consideration here, SILVER is in a highly bearish condition with the major market developments decreasing the net-long open interest in SILVER as well as the grievous bearish formations that are setting up the next bearish waves to emerge within the next times. In this case, once the bearish momentum curve accelerates into the final target zones it will be important to determine how SILVER continues from there on because with a massive bearish pressure, there is also the potential that SILVER just continues beyond the target zones.
In this manner, thank you everybody for watching my analysis of SILVER. Support from your side is greatly appreciated.
VP
