Well, at least something good came out of today...we've officially added a new acronym.
By now, most of you are familiar with the dreaded FUTF formation. We saw another one appear today. This technical scoundrel only appears when all seems well and then the proverbial rug is pulled out from under yours truly. The opposite of this is the FUBM. This is the wonderful, beautiful and fantastic chart formation that forms post any particularly nasty EE raid. Today we add the FUCME (yes, that's pronounced just like it reads). It hasn't officially formed yet but I'm optimistic.
First up, take a look at this 6-hour chart of silver. Note that today's decline stopped right at the primary, short-term trendline. Provided that's the worst of it, this chart may have a FUCME on it by tomorrow.