Silver Intraday Crash Review

Silver is still imploding, but this was not unexpected. Where it will stop, or how far through this correction, we are, is still a short term mystery. We do have a great previous low between $16.85-$16.60 so Silver can come to a screeching halt anytime. Silver is on a downside vertical move which can’t be maintained in the long run, so a sideways move should happen soon.  Gold has also executed a move like silver, but needs a bit more length to make it look better. 

Maybe silver will give us a great looking H&S pattern before it starts on the next leg up. Some of the gold and silver stock ETFs did not react as strongly as silver and gold did, which is actually a very bullish sign. At least there is a bit more action going on in the silver and gold markets, but in the SP500, it seems it’s stuck in place.