Yesterday SLV broke above the neckline of a potential inverse H&S pattern. I showed the downtrend rail that it needed to break before it could really start it’s move up. Today we backtested the neckline and presently trying to break the downtrend rail. This is a low risk setup right here for a few points to the upside. Use the neckline as your line in the sand to place your sell/stop.The H&S measures to about 32.75 but the neckline from the previous H&S consolidation pattern comes in alittle lower around 31 or so.

SLV daily H&S breakout and backtest to neckline. Cracking down sloping rail.

It’s been somewhat frustrating in here as I’ve been looking for a strong dollar to put pressure on the stock markets and the precious metals complex but so far its had very little affect. Maybe there is subtle change taking place that is not quite evident yet. Time will tell.

UUP daily H&S breakout and backtest completed. Five point breakout sequence.