This is probably the last place you should look to find a reference to a head-and-shoulder formation, since I’ve always said they are useless at best and misleading at worst. That said, the H&S-y demeanor of Silver’s chart is sufficiently striking that perhaps we ought to use the pattern somehow.  My suggestion would be to let it persuade us that Silver is about to do…nothing, much as it has been doing (within this pattern)  since late March.  H&S true believers will doubtless want to infer that a plunge to around 16.500 awaits, but that is exactly why we should pay these formations little heed — i.e., because the very obviousness of the pattern makes such a plunge a remote longshot. (And even if it does happen, we’ll have weeks to prepare, at least according to this chart.)