20% correction imminent

IMO, at least a 20% correction in silver is imminent... I don't know exactly when, the price could spike over $50 short term but the chart looks scary... Two rejected tops close to $50 has been achieved and there could be another rejected top before we move down...

The key driver is the USD, the USD index right now stands at 73 with key support at 71.20 which was the low of April 2008.. IMO there will be a bounce of the USD around this level so perhaps we could see some further price upside to gold and silver until we reach the 71 mark...

Silver looks tired and I am willing to short silver until we reach a price of $40 at least, but giving myself coverage in case it spikes above $50 in the next few days...

I am a massive bull of gold and silver and a massive pessimist of the USD over the long term as you all know, but in the next few weeks we could see some fantastic buying opportunities in silver and gold, and I for one will be buying more at lower prices and shorting right now at the highs...

We all need to be cautious, levelheaded and astute right now...

As you can see below, the formation that transpired when silver hit close to $30 for the first time before a 20% correction is eerily similar to the formation as of today when it is hitting close to $50 for the first time... A pullback to around $40-42 is likely IMO... Also included is the USD chart and a 2 year silver chart