qe3 prices, page-18

In the chart pauly posted you'll see the silver price was recently correcting and now the price is capitulating down rapidly. This is a common pattern for low. While the price could seriously breakdown now, I expect it will find support at the December 2011 low of $26.39 thereby making a double bottom. This should provide the springboard for a 20-30% rally.

However, a breakdown is a virtual certainty. Assuming it doesn't breakdown now (a big assumption), once the rally is over it will be steaming back down as double bottoms rarely end trends.

Personally, I think the 2008 high of $21.44 will be where the price finds support for a final pullback low later this year or early next year. That is when the final blow off phase should commence.

My opinion only.

El Capo