SLV Silver ETF does a Confirmed Breakout from Inverse Head and Shoulders

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The SLV ETF did a confirmed breakout from the large inverse head and shoulders pattern that has been forming for quite a long time.

This is significant because it is basically saying that silver should now be in a new longer term uptrend.

The breakout was achieved with a confirmed sign of strength in price and volume to go with it.

Precious metals right now are pulling back slightly and I suspect they want to consolidate for a week or two before resuming higher.

A possible ideal new entry point could be coming up in the weeks ahead.

I would like to see the AGQ (Silver double long ETF) pull back to about 48 for a possible new entry.  A low volume pullback in both SLV and GLD back to support is about as bullish a setup as I can ever think of.  Definitely worth keeping an eye on the next week or two.

Posted in ETFS, Silver Futures
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