Well.. as we noted in yestarday's report - "Since then silver has been carving out (like GOLD and many other commodities) a diagonal like pattern. Within this diagonal like pattern, we have 5 identifiable waves and we suspect that this move will terminate with 7+ waves. As we noted on Sunday, the next ideal timing target ties in with that of GOLD, 16 May, although we suspect that both GOLD and SILVER will see some selling pressure 11-12th before resuming to complete this apparent corrective ‘b’ wave. "
We were anticpating some selling pressure to come into the market for the 11-12th but I have to admit I was not expecting this deep of a sell-off..
In silver I'll be watch the low at $33.06 with keen interest... great day, done trading now...
--Tony
Technical Analysis for the Serious Market Technican!
Contributors to FXStreet.com
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