$ProShares Ultra Silver(AGQ)$Interesting turn in event since my last update on AGQ. Heavy correction has taken place and the price gap created from the sudden upturn in AGQ price two weeks ago has since been filled. 

During this round of correction, the lowest price touches $19.41, still above the support line of $19.35. The price has since moved to $20.22 today, a touch above its support trendline of $22.10. It is important to check again if this support trendline can hold. If the consolidation can hold above this trendline, the inverted head and shoulders pattern is still in play. If that is the case, the target price of $33 is still intact. 

In fact, if indeed proven over time that consolidation of pricing is at play, any future raises in price will have the necessary foundation to go further. Meaning we can expect a more sustainable rally. Conversely, if the current trend breaks down and support line at $19.35 fails, there is no near term support line. The price of AGQ could drop all the way to below $12.55! I don't expect this to play out however we cannot rule out any possibility as far as trend following is concerned.

Looking at RSI, which is a momentum indicator, the reading currently stands at 40, which is still a neutral reading. This just means that AGQ is not overbought or oversold. In fact, according to RSI raising trend as opposed to AGQ lowering price trend, it may be an indicator that the price momentum is indeed still intact. It may be an early warning that the price of AGQ is about to move up and the above mentioned inverted head and shoulders pattern plays out accordingly.

Having said that, let's continue to watch this space. The trend will be clearer in another couple of weeks. Stay happy while we wait for the trend to play out.