The silver ETF closed the week at 16.78. Once again the second price objective for the move down has acted as support. There is still downside pressure being applied to this chart. The target price for this move down should be at 15.45. In order to restart the move higher price would have to go through 17.05 and then the short cycle price objective would be 17.50 with a target price of 18.50. With current daily ranges of 50 to 60 cents trading this with a 50 cent stop would introduce a volatility risk along with your initial risk. If the Dollar moves lower over the week-end than SLV could gap up on Monday.
Posted by tun705 
Trading One 
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