Went short SLV at 34.05 on a reversal trade. Yesterday was a significant down day from a top with MACD divergence. I went in small shares expecting to pyramid into this position. I will add if today's low is taken out, with a stop at yesterday's high
Concerns:
Slv also could be seen as an inverse head and shoulder pattern which is usually bullish. The right edge also did go beyond the november Highs. I still don't feel it is bullish because the MACD barely budged on the "breakout" The question will be whether it falls to support and holds, or is this a true reversal. For that reason, I took a small position here, with the intention of adding into it.
Entry grade = 63% NICE!
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