Take a look at the embedded chart of May Silver futures. It is quite likely that we may be forming an AB=CD type pattern. The start point for this pattern analysis was a late 2011 low at the $26 level.
If in fact we are setting up for an AB = CD type pattern, then using close to close price data, I project that we will register a point D at just under the $26 level. This level is curiously also in keeping with a line of support that is evident.
In terms of risk, in the event that Silver blows through this level and breaks support, the pattern will fail and where Silver would go from there is anyone’s guess.
The Spring Equinox where Sun transits 0 degrees Aries is fact approaching. Sometimes, Silver can be seen to register interesting turning points around Equinox and Solstice times.