We never, never, never (what never? well, hardly ever) debate a market situation. That way lies madness. We put our analysis on the table, listen carefully to any technical criticisms and let time prove or disprove the analysis.
That said, analyses that silver is in a downtrend are premature. As the chart demonstrates the trendline from September is intact and offering support to prices. You will remember Magee’s rule that a trendline break was not definitive until it reached 3%.
Further, as can be seen from the stairstops here the wave analysis says that a trend change will not have been signaled until the stop at 31.35 has been broken.
That’s our story and we’re sticking to it. (Also we’re long silver.)