A No-Nonsense Setup

Into the bell, amid a day where mega cap tech dominates alongside various virus plays and some momentum names like NKLA, it seems worth reiteration a prior point we have made regarding the silver metal.

On the SLV ETF quarterly chart, below, the potentially disastrous breakdown below $13 continues to look like the ultimate bear trap to usher in a new bull run not only for silver but, of course, for gold and their derivative miners.

As they say, from failed moves in one direction often come aggressive moves the other way. And, furthermore, as you can see, the move looks to just be getting started. 

Going forward, I view a move above $20 as being a sound long-term bullish confirmation signal of this thesis to cement a multi-year base bottom.