WTF? What has just happened as at 10pm EST (7pm pacific) the market went crazy. It trade very unusual for the way any market should trade for about 20 minutes and now it kind of makes me wonder what is going to happen over night. I'll report more on this later on. TO see the chart, look at This on the One Minute time frame
Market is holding the fibonacci retracement really well and as I said yesterday on the blog that this will at some point bring fast moves to the upside with not only the short covering for people profit taking this down move but even those whom have shorted at much lower prices (JP Morgan) do have a chance to do it now as its cheaper. Maybe JP Morgan knows in advanced that its going down to $28 or $30 or whatever because of inside info knowledge, but I either way it will happen. Throw in the fact that buyers adding to the pressure the move going to $50 the second time this year should be faster than it was earlier when the spring (north hemisphere) started. Then again I am going to say this now in advanced that all these moves are paper related whether it brings further selling or moves breaking past the $40 haven. Until people do something about it then its the paper market in control and because they tell us what the price is that means we have "price control silver" and are recommended to sell the silver in or around that price and so far dealers have complied.