Silver quotes came down hard after an exhilarating run-up last week, trapping bulls and bears alike. I expect the selloff to hit 32.148 at least, but if that Hidden Pivot midpoint support is penetrated decisively on first contact, it would imply more slippage to 31.101, or possibly as low as 30.055. The chart shown displays an in-your-face head-and-shoulders pattern, a bearish formation that is too ubiquitous and popular to be considered reliable. However, it does describe a distribution that has been occurring since June that will have created significant supply between here and new highs above October’s 35.530 peak.
SIH25 – March Silver (Last:32.855)
