Monday, March 9, 2009

Silver Moving Down as Expected; March 9, 2009

Silver and gold are moving lower as expected. Both have broke below their initial surge up peak, which creates an overlapping of waves, which means a correction. So whether they move higher or not, the rally from $12.79 is clearly a correction. I strongly feel that the declines in both the metals look impulsive so I expect them to move much lower in the very near future.

See the progress of the trade I'm tracking in the past few posts on the 1 hour silver mini futures chart above. My last short entry was at $13.31, near the peak at the 50% fibo retracement of $13.52. I will stop out at a new high just above $13.52.

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