People tend to view horizontal resistance levels as binary. They absolutely are not. That is especially true when they actually are not horizontal (resistance has been declining in SLV since last Aug). In this case, that resistance line, which is the Fib fan line from 2011 has been compressing price, not simply rejecting it as common resistance does. What that all means is that at this point in time resistance should be expected to fail and release the compression. That is a completely different scenario than when that fan acted as resistance when it first hit last Aug. Furthermore, the expectations for the initial move are simple....34$. That is the height of the 7pt base from the classic resistance level at 27$. It is no coincidence 34 is the .618 retracement to 2011 high where the Fib fan line originates. 

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