When silver was trading at $28 back in September 2012, the Power of the Pattern shared the chart below. The patterns suggested that even though silver had already declined a great deal -- from $50 to $28 -- the patterns then called for it to fall nearly another 50%, to the $15 level.
The 2012 chart was produced when Silver was trading at $28 and the measured move suggested that silver could fall to the $15 zone. Below looks at an update of this 40-year chart.
As you can see, silver looked to have double-topped back in 2011 -- hitting early 1980s highs -- and then started falling hard. The decline from the 2011 highs to this year brought silver to the 23% level, which was the measured move shared 4 years ago at (1).
Silver so far has attempted to form a base at the 23% Fib level over the past few months.
Now, silver is trying to break above dual resistance at (2).