Silver’s first Head and Shoulders Top in the summer proved this point. A price target of $36 was forecast by the September 12 breakdown. This was hit, and then some.
Another, longer Head and Shoulders top broke the Neck line on December 12. This forecast a price target of $26. Right at the September low. This is right around the 50 percent level of the high reached in late April, 2011
After the last leg down, price retraced to the 50 percent level. This forecast a 50 percent likelihood of the old low being broken.
Bottom Line, it is too early to get long Silver here.
Silver went to $26.14 by the end of December. I'll call that a WIN!