Strong bull run to be resumed for silver ETF SLV after four years accumulation? [Video]
|Silver ETF SLV had a 3 days speculative run up with gap up action into the resistance at 27.5 last week due to the GameStop (GME) short squeeze headline. Despite the headlines spinning around the retailers speculations plus reddit forum WallStreeBet's manipulation, silver has been under strong accumulation for at least 4 years since since 2016 when we study the price action using Wyckoff trading analysis concept together with the volume spread analysis. Under the Wyckoff concept, volume is considered as footprint left by the investors and traders. With proper interpretation of the volume together with the price action, we can spot the tell-tale signs of accumulation in silver by the institutional funds.
Find out how to interpret the supply and demand with the price action analysis to dissect the accumulation of silver and massive upside target with point and figure target projection in the video below:
Heavy supply on 1 Feb has caused a reaction on Silver. Consolidation between 24-27.5 is expected for Silver. Strong bull run will only be resumed when SLV ETF can commit above 28. Refer to the chart below:
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