I meant to provide an update on silver yesterday and if you check my tweets, it was my top of the list. However, we got back in late from my son’s soccer training and I got occupied with helping my other son with a school assignment. In any event, I’ve updated my chart.
Note two items,
Since silver failed to confirm the first pennant, it did top at the 50% FIB and then fell back to where the 38.2% FIB acted as overhead resistance while building another pennant within the clearly defined bear flag. Should silver fall below my break line of between 23.35-$23.40, we could see another rapid decline of 19-20% equalling the decline of the first collapse. Trade accordingly. I remain bearish.
