Update - 11:49am The fibonacci from the lows and high has us right at the 38.2% mark. This level should give us some sort of bounce. If this does not then we are heading down to $28.60. We are living in a world where we have the Asians bringing the market up in the early session and then JP Morgan here in America will take us down. More on this channel later on
Update 2:02pm - It seems that the first fib level is not going to hold and thus we may head down to $28.60. Does not mean it will, but seems only "likely". In the meantime, I changed up todays video by using an imaginationland kinda style for eight months from now. Enjoy
Update 5:47pm - The market found resistance at the yearly VWAP and we are seeing a sandwich pattern with the resistance being the 5 day, 10 day, 20 day and VWAP with the 50 day being the only support level. It is four against one which could give the benefit of the doubt to the sellers. However, the market is in an uptrend in the long term point of view and the 100 day moving average is coming into play very soon as well as the VWAP from the August breakout if there is more selling. As long $28.60 can hold then the rally that occurred on Monday night will not be a failed move. We found support at that level today by reaching $28.62, but that does not mean it will hold that level. If a breakout or breakdown on the chart gives back 61.8% then that is a proper correction through price. Therefore there is no need to go to red alert on the silver market until it breaks below this level.