Courtesy of Chris Kimble.
Silver has lost nearly two-thirds of its value in the past 8-years. Is the bear market in Silver about to end? What Silver does at (2) will go a long way to answering this question!
Silver has spent the majority of the past couple of decades inside of rising channel (1). It hit the top of this channel and its 1980 highs in 2011, where a major peak took place.
The 8-year decline in Silver has it currently testing the bottom of this channel and its 23% Fibonacci retracement level at (2).
Silver looks to be creating a descending triangle over the past few years. This pattern looks to be nearing completion, which suggests a large move in Silver is near.
In my humble opinion, Silver is facing one of its most important support tests in the past few decades. This is a MUST hold price point for hard-hit Silver!
Is it Hi-Yo Silver time for Silver? If Silver holds at support and breaks above falling resistance, look for a quality rally to take place!
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