The trend line (not drawn in) that connects all the tops is where the market is at right now. Also if you draw a straight line at the 34.00 level and view the descending triangle you will notice that it has had a small pierce below this which could be setting us up for a nice bear trap and thus a fast move into the mid to high thirties. This area still can be setting up as support becoming resistance and the $32 level has not been tested. It came down to $33 this morning and thus it has set us up with a higher low (as of now.) Some people are talking about a new market opening (I think tomorrow) and thus this will now take in effect on the short term time frame. Also there are most likely a good combinations of people whom have shorted the market recently and facing nice profits they are going to have to cover as well as what is remaining from the shorts whom were shorting on the way up and can now unload. At some point a short covering rally will most likely come into play and when you mix it with the current volatility and volume movements this could set up for a nice seizable up day at some point very soon. I wouldn't expect this to occur on Wednesday but rather at some point after this selling pressure comes to an end and this bi polar paper market moves to mania phase.
That inverted head & shoulders I was talking about didn't find support at the ten day average and we are starting to see some days much more quiet than we have been used to over the past few weeks. The movements today was only $1.50 or so from the low to high and that is under five percent. That is quite light compared to the mass ten percent days that have been on our doorstep. That doesn't mean we can't have another wave lower before the intermediate trend changes, but it does give me more reason to think that this can start to at least stabilize at worst.
I have liked this short term view of this daily chart because it shows how volatile these times have given us. This is likely the start of (SOMETHING) which will most likely change this world (DOLLAR CRASH?). After all this move from $50 breaking down to $32 as fast as it did would reflect normal market activity in a normal free market. (LOL) Now that we know that it is not a free market and these moves were caused based on the use of electronic financial instruments using fine calculus the market tanked at the start of this month. I don't exactly know how this dollar collapse is going to look on the charts, but the physical metal holders are guaranteed to have the ounces they have. If you buy a silver eagle your value is that of one ounce of silver. Whatever it's worth, it is worth and whatever a piece of paper is worth, well that is what it is wroth. I and many others have been talking for years about this dollar and economic collapse and it was predictable back then and its even more so now. I never planned on talking about the death of fiat money and then not expect it to happen. I expect people to be wondering why it is collapsing so fast and on this day, May 17, 2011 I respond to the future readers that it is not happening so soon as it has been taking its sweet little time. I don't know how many more shots of kimo that fiat currency can take, but its value is hanging on by a thread. Gerald Celente states "current trends form future results" and the current trend of massive debt on a global scale, technology destroying slave labour as well as many people waking up day after day on so many issues is going to create the future result. Revolution seems like a no brainer and that baby has been going on for years and its intensity at some point will really kick in.