Silver futures have dropped another $0.60 today, continuing a short-term bounce. There's still significant downside potential ahead. C waves are notoriously strong, and I anticipate stop hunting around $30 next, followed by a target of $28.75, with a worst-case scenario of $26.50. Patience is key?let the market come to us. This pullback is a necessary setup for the next major move higher.
Interestingly, just a couple of days ago, many analysts were calling it "Go Time," only for the market to reverse course and drop the very next day.
Looking ahead to January, I expect a powerful rally toward $40 and beyond, positioning Silver for a significant breakout. When we move higher, it will be fast and dramatic, with daily jumps of $2 to $3.
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