What this is? no one will be able to say until it's in the history books.
I can say that the biggest downward moves today in commodities lwent like this: silver down 15.5%, copper down 5.58%, coffee 3.28 %, and sugar down 2.74%.
One doesn't have to be a rocket scientist to say, if silver is an industrial metal why should it be down 3 times greater than Dr. Copper? If silver is a currency, like gold, why should it be down 4 times more than gold today? something isn't right with how silver moves and regulators don't care to do anything about it so, ignore this and just trade the heck out of it.
The paper silver market isn't representative of the true silver price discovery and some day, this will reconcile itself.
I have $30.93, $28.54 to $28.38 and $27.30 as all buying points. I'll try my hand at all those points because downside risk has significantly decreased to negligent with these prices. its made me a lot of money and I'll play with those profits here.
Art Cashin, trader for 54 years said he's seen it 20 + times, a strong Thursday sell down (which we got), a chop sideways Friday (which we are getting), followed by a monday/tuesday capitulation which provides the last good buying opp.
Fib retracements are 38%, 50%, 62% and 74%. Silver did a 74% EXACTLY. unheard of and no one trades by this.
I'd given $28.50 to $28.30 and $27.30 as absolute lows. Silver walked through the latter like it wasn't there, going down to $26.15 which was 15 cents lower than the low for all of 2011. If you'd bought and held for 2011 you are now under water.
After silver hit that low it bounced up and, for the last 3 hours has used that $28.50 to $28.30 area as support. This is positive.
The dollar seems to be putting in an outside reversal day, which means the dollar has topped but there are still several hours in the day remaining to make such a bold prediction.
Oil looks like it will hold above that $78.09 price I gave. For the last 3 days it hasn't closed below that number and one day it opened at $79.67 but closed above $78.09.