Silver’s H Pattern: A Masterclass in Melodrama

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If you’ve ever watched a reality show where someone gets voted off the island twice in one episode, you’ll understand the silver market right now. According to recent chart indications, the selling action is increasing-because what says “fun times” like a market throwing a pity party for buyers who thought $71 was a good idea. More market price indicators suggest we’re in a correction phase, which is just a fancy way of saying, “Oops, that long-term bull run was actually a fever dream.”

Short-term Structure Indicate $SLV Breakdown

In another X post, Elite Swing Traders (clearly elite in the way a raccoon is elite at rummaging through trash) pointed out a completed bearish H pattern on the daily chart of the iShares Silver Trust. The drama unfolded when prices stagnated between $70.50-$71.00, a range so thrilling it could put a toddler to sleep. The purchasing energy, which had briefly mistaken itself for a superhero, lost its strength after an impressive gain-like a magician whose rabbit just asked for a union rep.

Analyst announced a completed bearish H pattern on the $SLV daily chart after the price was viable near the $71: X (Feb 2026): Elite Swing Traders

The initial sell-off sent $SLV plunging to the mid-$60s, establishing the left side of this tragic structure. An attempt at a rebound near $69-$70? A flatliner. The right side of the pattern was completed with the grace of a soufflé in a hurricane, and sellers claimed victory. At press time, $SLV was trading at $68.23, a price so modest it could double as a library fine.

Technical signals? They’re all in line, like a row of penguins in a blizzard. Short-term moving averages have dropped below their medium-term counterparts, and the price is now below both, because apparently, silver’s new hobby is playing follow-the-leader with pessimism. Candles are mostly red with wide bodies, which screams “long-lasting selling interest” to technical analysts and “bad fashion choice” to everyone else. The longer-term moving average now resides in the $65-$66 range, a cozy little nook for the next chapter of this saga.

Longer-Term Silver Pattern Plunges into Volatility Reset Phase

If you thought the short-term chart was dramatic, the annual chart is a Shakespearean tragedy. Silver spent months consolidating between $30 and $40, a period best described as “a nap with aspirations.” Then came the breakout in late 2025-a slow-motion sprint to $50, $60, and finally a cameo in the $100-$120 range. It was the financial equivalent of binge-watching a limited series and then wondering why you’re exhausted.

TradingEconomics annual silver data indicates the recent reversal of the $110 pullback into the $70-$75 range (Feb 2026)

Momentum turned upside-down like a poorly timed omelet. Prices hit $110, then promptly remembered they were supposed to be volatile. The recent pullback to the mid-70s is less of a crash and more of a “let’s take a group photo before the real disaster.” At press time, silver was trading at $74.63-a 5.36% gain for the day, because even a broken clock is right twice.

The $70-$75 range is now the market’s new BFF. It’s consistent with previous breakouts, which is code for “we’re pretending this isn’t a setup for another fall.” Failure to hold this range could send silver into the $60-$65 area, where it will likely meet other metals who’ve also been canceled.

Mining Stocks Reflect Pressure Across the Silver Complex

If silver’s chart is a soap opera, mining stocks are the ex who won’t stop texting. Silver Mines Limited closed near $0.205 after falling below its support band of $0.22-$0.23. This isn’t just a breakdown-it’s a full-blown identity crisis. The collapse of that support was less “sell-off” and more “this stock is a diva who quit the show mid-rehearsal.”

The MACD indicator entered negative territory with the enthusiasm of a toddler refusing vegetables. The price fell below $0.22, and the histogram slumped like a deflated balloon animal. Downside momentum isn’t resting-it’s napping, but only because it’s exhausted from all the work.

Money flow indicators? Confused. The Chaikin Money Flow reads +0.05, which is like saying your ex still sends occasional “thinking of you” texts. There’s a hint of accumulation, but not enough to derail the train wreck. The next level to watch is $0.20-a line in the sand, or in this case, a line in the dirt. Stability above $0.23 would be required to avoid a full-blown bearish takeover, which sounds like a reality show audition.

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2026-02-07 01:34