Breakout did occur and the continuation pattern has been confirmed

[Katwoman]

As many of you know all the TA indicators before the breakout occurred were suggesting that during the breakout from the cup and handle pattern silver would hit $17 but so far we have not been able to get much above $16 and this has made some people here speculate that we have not had a real breakout or that the TA was wrong.

When you consider this rally just moved us from the mid $12s to the mid $15s we are looking at a 25% increase in the price of silver on very short order which is entirely consistent with classic a breakout in a cup and handle continuation pattern even if the predicted target was not met exactly.

Granted we did not hit $17 but we have just witnessed a profound example of a classic continuation pattern in PMs. Believe it or not more good news is on the way for PMs since this confirms a continuation of a bull market we had before the crash and thus that new highs (that is silver prices higher than those achieved before the cup formed are forecasted). Right now the TA and fundamentals remain alined for more bullish behavior in PMs. The big key to the next move is media attention. If the MSM starts reporting that PMs are now close to the pre-crash highs this could start the next phase of the rally which believe it or not could easily move us up well above $17.

Remember when the market is in a continuation pattern this will always have pullbacks and lulls but because the bulls are out of barn they will not be going back in for sometime.

Despite what some people have said silver is not over priced.

[Longhaul]

Thanks for the report Kat, 25% surely is a substantial gain in a few months indeed. Many folks that I've pointed to silver are now taking notice of it's cork like action lately. While we have not seen the "to the moon" expectations of many here, we have also witnessed the "can't put this fire out" type of power PM's really hold.

As I told my dad recently, gold and silver are NOT going out of business anytime soon and $15 for an ounce of silver is still one of the best deals going with many many realistic situations that could send it skyward for good.

You got to admit, the shake out periods sure scare folks back in their holes, while others come out to collect more rain.

[SeekrBrnEvryMin]

Longhaul:

How forceful are right words!

- sometimes attributed to Job of the Old Testament

[Katwoman]

Originally Posted by Longhaul

gold and silver are NOT going out of business anytime soon.

No truer words have ever been spoken

[Katwoman]

This last move from $14 to $17 is also consistent with the TA and the cup ad handle continuation pattern seen n the gold and silver charts.

This most recent move confirms and continues the breakout that occurred before summer.

The fundamentals have only gotten more bullish since then and the news that gold and silver are "hot" is starting to hit the MSM. This news is what is needed to trigger the major run to safety that will drive the prices of PMs to the record highs long predicted by the bulls.

For better or worse things are about to really interesting.