Silver has moved down and away from its rebound high of 33.585, cancelling Wednesday’s impulsive bullishness and leaving us with a trendless picture. The silver bears defended their “goal line” of 33.585 yesterday, pushing the price back down to, what, the fifteen yard-line? After surpassing a whole collection of prior highs on Wednesday, silver turned around and wiped out the “C” point and both of the “A” points that we were watching. That move down might emerge as an impulse wave that we can use, but we’ll have to watch for a “C” point to emerge, and then we’ll have to choose from among several “A” candidates. So what is there to say? We should continue to respect the magnetism of the rebound high of 33.585. Somehow a breach of that level almost seems necessary before we get the follow-through to the downside that our method tells us is probably coming. (Posted by Doug “harry” McLagan)
