Thursday, March 2, 2017

The Rocky Outlook for Silver...03.02.17

Following yesterday's outlook on gold silver crashed overnight on huge volume as buyers disappeared from the market. And going forward the technicals don't look encouraging with 4 out 5 Ponzo scenarios negative. This is a case of beware the falling knife since we may be witnessing the beginning of something, not the end.
Selling tends to beget selling and support is actually down around 15.50....a ways down. The mean reversion signal has not fired yet so any buying at these levels is a highly risky situation.  Based on past plunges of this magnitude where gold and silver momentum diverge wqe expect to see some bottoming pattern like a hairy bottom develop before a true recovery kicks in.