Why not to buy silver yet

(Before It's News)

I believe silver has not hit it's bottom yet. I think the bottom is going to be somewhere near 34.44, and I'll tell you why.

1.) Silver was over extended, and in the past when this happens it retraces 30+%.

2.) 30+% happens to put it right near a fibonacci retracement of 61.8%. If you look at the following image, you'll see the move almost perfectly following the fib line up, and is approaching that retracement level very, very fast.  At this rate, we could hit it tomorrow even.

3.) We haven't hit bottom on WilliamsPercentR yet on a daily chart.

4.) The trend is actually accelerating down, look at the following image.

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