Comex Silver ( SI )
Silver's recovery from 33.03 was limited at 39.47, ahead of the falling 4 hours 55 EMA and reversed. Intraday bias is back on the downside for 33.03 first and break will confirm fall resumption towards medium term trend line support (now at 31.4) or even further 61.8% retracement of 14.65 to 49.82 at 28.085. In any case, near term outlook will remain bearish as long as 39.47 resistance holds.
In the bigger picture, the steep selloff from 49.82 indicates that a medium term top is formed there, ahead of 50 psychological level. Silver should now be correcting the whole five wave sequence from 14.65 (19.845, 17.735, 31.275, 26.30, 49.82). The correction would likely extend into 26.30/31.275 support zone before completion. Nevertheless, we'd still anticipate one more rising wave before silver completes the five wave up trend from 8.4 (2008 low) before finally making an important top.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart