According to Steve Roy, Chief Technical Analyst with the Equity Management Academy, " The corrections in the gold and silver markets the last few days have met all downside targets."
"The silver market has made what appears to be is the second corrective wave pattern, which most Elliott Wave Analysts call an ABC completion," Roy said. "This correction indicated the Golden Ratio 61.8% Fibonacci retracement was completed at Thursday's lows for the gold and silver markets."
Using the March 2013 daily continuation chart, the silver market has been undergoing a correction during December, and the last several days look as if we've been doing a "Fiscal Cliff" dive." Roy said. "The market action from the past couple of days confirms that we may have reached a capitulation point for this correction."