friday spi, page-88

Here is a couple of silver charts.

Why, because silver is typical of the metals, which is typical of our currency, which is typical of our stock market.

The first is a daily chart of silver which is a bit worrying.

It has had 3 legs up since the June '06 low but has failed to make new highs. Is it a 5th wave failure?

You can also see a momentum divergence with the last high and now a lower top. That is a classic sell situation.

Trend line is still holding so I suppose that is something.

Second chart is a weekly and shows that like gold a 65 ma (red dotted line) has has been key support to the whole movement up this decade.

So $12.30 approx is major support and only a break of that on a eek end basis would suggest the whole resource game is over, at least for a while.