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Although it flies in the face of my bearishness on the Euro and miners, it seems to me silver might – – and I say again, might – – be shaping up as a pretty amazing inverted head and shoulders pattern.
The pattern isn't done yet; we're just coming off the base of the right shoulder; but this could be an interesting long with a stop set at the low point of the right shoulder. Below is the 2x ultra-bullish silver ETF.
A string of important support trendlines on equities were hit at the lows yesterday. On SPX the support trendline from the Dec 19 low was tested. That may be the lower trendline of a rising wedge but the upper trendline lacks a third touch to confirm it:
On NDX there is a definite though rather attenuated rising wedge and that hit support from Dec 19 too:
