Short Idea — SLV

SLV is looking weak here, Friday it closed down over 2% and over the last week has been trapped in a range of 32.15 and 30.36.  In addition to staying in the range, SLV has been contained within 230 MA and 377 MA.   Over the last couple of days though SLV has been spending more time at the bottom of its range.  There is no support below the bottom of this range, which would be very bearish for SLV if it broke this level.

SLV has also managed to develop a descending triangle a bearish chart pattern.  The triangle starts at the highs from March where SLV hit 33.44 since then it has trended down towards the bottom of the triangle at 30.36.

Triangle Size: The triangle is about 3.08 or 33.44-30.36.
Chart Pattern Confirmation:  For this pattern to be valid, SLV must break 30.36
Target Move:  The target move would be 30.36-3.08

You can see this pattern is logical if it work, SLV has no support below this level and the next support is 27.39.  This would also be the target for the descending triangle.  Also the dollar appears to be breaking out of its wedge pattern upwards pressure on the dollar would send SLV and Silver lower.