Users: Danja Zown: SLV_M.png

SLV_M.png

Before the bell, imagine my surprise waking up this morning at seeing silver down 2.5%. Daily and weekly charts are useless at this point. The scary part is that SLV has already blown through the 62%, 50% and 38% Fibonacci levels. There's nothing between here and $8.40 except support at $13.00. Given the commodities tendency lately to breakdown from channels that are already descending I don't think SLV eventually reaching eight bucks is entirely too far fetched.

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