Here is an hourly chart showing pit trading in May silver futures.
I had expected the rally from 967 to halt near 988 but the market has put 20 cents on top of that. Moreover, if this rally is corrective as I think it is, the move up from 967 should develop in three phases. It looks to me that the drop from this mornings high at 1010 is probably the second phase and that a third upward phase should take the market back up to 1012. After that I will be expecting a move down to 920.
Just wanted to say how much I appreciate your work and analysis. I note your long term bearishness on gold/silver but I was wondering if you can clarify the bigger picture if you have formulated one. My analysis tends to agree with you in that I think the mkts. are peaking but I am looking for a low point and another good rally in Sept/Oct. Would appreciate yr thoughts.
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