$ProShares Ultra Silver(AGQ)$As mentioned on the 10 September post, silver ETF, in this case AGQ was on the verge of forming an inverted head and shoulders. As predicted, the inverted head and shoulders eventuals and AGQ made a run towards $26 after hitting the second shoulder at $20. The price of AGQ then fluctuates between $22.65 and 25.92, forming a useful trendline support at $22.65. This support is significant as it helps to build a base for the next upside movement.

Interestingly, as mentioned in the last article, a couple of silver miners were looking good for a similar breakout formation. Indeed, this also eventuals. There were a couple of stocks forming double bottom and reverse upwards. Another trend indicator, their respective RSIs, shows similar pattern at around 50. This is a neutral indicator, which implies that the recent breakout is not too fast or excessive. 

I expect silver to continue its upward run once the initial consolidation phase has been completed. The target price for the run is likely around $33. 

Finally, readers might also want to take note that due to the recent sharp run up of price in AGQ, a price gap was formed. Should $22.65 not hold, we are looking at AGQ approaching $21.3 to fill the price gap.

Let's sit back and see how the trend moves from here. I will revisit this post again when a new trend forms in the AGQ price chart.