Here is a highly condensed hourly chart showing pit and electronic trading in July silver futures during the drop from its May top of 1520. I last commented on this market here.
I have been expecting silver to drop to 935 which is just a tad above 921, the 2 5/8 multiple of its 1991 low at 351. This morning silver got as low as 942. I think we will now see a classic three phase rally to 1015 or so. After that I expect the market to drop to 920. I think the next development in silver will be a big rally of 2 or 3 dollars from the upcoming low.
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