Until Wednesday afternoon, Silver had been hanging tough for more than a week. Now, however, with an impulsive dive to end the day, the December contract bids fair to shatter bulls’ complacency. The 22.180 downside target shown seems all but certain at this point to be hit, given bulls’ losing battle at the 22.473 midpoint. More troubling for the near-term is the implication that a fall to the target would surpass two ‘external’ lows, refreshing the bearish energy of the chart.
