Here is an hourly chart showing pit and electronic trading in December silver futures. I last commented on this market here.
I have drawn short term trading boxes in silver down from its recent high at 1186. These are 54 cents high. Silver has not been respecting the box midpoints as a market normally does. Instead it has shown a preference for turning at the 1/4 and 3/4 division points (not drawn).
In any case the rally from yesterday's low at 1065 has been almost exactly 1 box in length, starting from the 1/4 point of one box and apparently ending at the 1/4 point of the next higher box. At the 1116 level it would have matched the length of the previous rally.
I think silver is headed down from here.
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