Rallying 10% from recent lows silver is nearing resistance
Per our last update, the prospect for some sort of pivotal turn-date occurring near Thanksgiving appears to be setting up as a plausible short-term pivot high rather than a long-term secular low. As I suggested weeks ago, this rally came as no surprise.

True, it is also plausible that the recent print low at $15.04 marked the ever elusive long-term bottom that so many are looking for. Time will tell.
Though impressive, the 10% move up off the $15.04 print low remains suspect. The paper denominated price of silver is fast approaching overhead trendline resistance at the $16.80 level.

This near-term resistance is approaching in concert with neutral readings on the momentum front; both of these technical factors could slow down, stall, or reverse the modest recovery this market has experienced over the past several weeks.

As such, we could see another leg down developing soon, and a retest of $15.04 or fresh new lows toward the $13.00 target by the end of this year.

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Happy Holiday’s from Elliott Wave Technology

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By Joseph Russo
Chief Publisher and Technical Analyst
Elliott Wave Technology
Email Author

Copyright © 2011 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.

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