11:39am UPDATE - Since making this video about 20 minutes ago the Silver market has managed to go higher and the volume weighted average price (VWAP) for the day is now rising and thus far for the day the buyers are in control today. The volatility for wild movements is even more in control right now.
12:15pm UPDATE - The 38.2% fibonacci from the 10:30am lows and 12:07pm highs is now being tested which would also be the first VWAP test since it has lifted from that area. This means there is a 75%+ likelyhood that support will be found at this point and the market will proceed higher for at least 20 minutes.
1:02pm UPDATE - Failed move at the 38.2% level, which however did play out in a bearish sentiment. The same is forming on the 61.8% on its way down. Interesting that there was some major volume of 823K of SLV shares at 12:36pm which seen silver drop over three quarters of one percent in that minute alone. There were two passed tests of the SLV five day moving average and now it fell below just recently as the volume remains high. These markets are acting like the market just crashed, which it sort of did if you are JP Morgan.
2:05pm UPDATE - Video coming soon on the channel and their is a cup and handle formation on the intra day chart. Whether this move will be the start of the move higher or this will be a failed move for that fast move lower I am not sure. The odds favor a big move back to the mid $28 level as a conservative level to the up side and the uptrend line I've been following on the down side as a conservative level.
2:55pm UPDATE - Major indecision on the short term and intermediate term right now. OH I expect a big to follow in the next little while. Historically silver does not trade from 3p to 4p like the Dow Jones does, but its been wild on all times right now.
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