Almost there, for Silver (SLV) as well – at least in terms of where risk (possible support) is clearly defined.  In my post of Nov. 29, I drew a beeline for SLV down to the lower rail of its symmetrical triangle – which is apparently exactly what is in process now.

I am easing up now on my short futures positions, and will observe price action as SLV likely tests support.  As mentioned in the previous post, support and a rally at point 5 would be a bullish development – but at this point, SLV is just as likely to test the July low.

From a basic charting standpoint, SLV has now filled one of the gaps left from July’s bottom, with one more left in sight, in close proximity possible trendline support.  However, since SLV has broken down from a bearish H&S formation, the corresponding minimum price target is $14.25 – so again, it will be interesting to observe price action in the coming days, especially with some traditional price movers on the horizon – jobs report, FOMC meeting, not to mention all the usual geopolitical nonsense…

BTW – you know, people – it’s ok to short the pm market and make money on the way down.  Silver is a MF when it comes to volatility, so as long as you can manage risk – and your nerves – it’s an opportunity, and not necessarily a disaster…

$Silver (SLV) – Daily