The near-term top on silver is likely in. This can be stated with a high degree of certainty after silver popped sharply overnight and reversed. The top to bottom move on silver in the overnight was 15%. That is an epic swing on the commodity. To solidify the top, technical traders will note a perfect measured move on silver from the March 2020 lows on silver to the high pivot in June 2020. After a decent amount of consolidation (weeks), silver broke out again and make the exact same Dollar amount move to the recent highs. This is referred to as a measured move. Last but not least, there is a time count on the daily chart as well as a time count on the weekly chart.
The measured move on silver should see it retrace to $19.50 per ounce before potentially breaking out again.
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