Silver has formed a “Descending Triangle” on the daily chart. A descending triangle shows decreasing demand and an increase in supply with each rally off of a fixed level of horizontal support. When the demand at that level has been depleted, the floor underneath can collapse with new supply (those who were long in the current open interest throwing in the towel) and old supply (the previous sellers piling it on to make it hurt good).
We are below the “High Volume Node” on the daily and the 1 hour chart. Putting on a a long or a short position right here with my methodology is playing with fire.
