Though surely can't give you a bottom call with the certainty of "Turd's Bottom" back in January, if we are to have any hope that silver will halt its decline and reverse, it will happen here. This is a re-post of the chart I posted this morning.
IF we are going to see that happen with any kind of predictability, it will happen in the area around $34.
The POSX has finally "calvined" and has already moved to it's first resistance level around 74.50.
Gold is now $100 off of its high set on Monday (3 days ago).
Crude is down almost 10% on the day and is back under $100/bbl.
Everything that I would traditionally look at for a bottom is in place. Now, will it happen? Unfortunately, its impossible to say. The extent of the long-side liquidation is enormous and cycling (more selling leads to more margin calls which leads to more selling which leads to more margin calls...).
However, maybe just maybe, silver will bottom overnight around 34 and then trade higher. The BLS BS "disappoints" and the dollar sells off, back under 74. The metals turn and actually finish tomorrow in the green. We'll see. I'm hopeful but not necessarily optimistic.
Hang in there. TF
ps This note from Trader Dan is fantastic. Sounds like he needs to get drunk, too.