The decline from the April high has been relentless to say the least, I am impressed, although seeing such a strong move from a peak that had record longs makes sense, as we are seeing traders flee from this market due to the confirmation of a double top a week or so ago. With traders now running into US stocks, poor Silver has really took the brunt of it when you compare the decline to Gold, even Copper has survived better than Silver.

Looking at the decline I can make a solid case that its close to ending an impulse wave, with the RSI now starting to show some divergence I think a little lower would offer a potential bullish setup. This move from the April highs could be the end to an an expanded flat, although before we even think about a move back above 17.60, lets find a low on this market to suggest a move higher.

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