Yep and in hindsight the $71 long call was the right move as SLV is trading at $78. However I didn’t pull the trigger on that trade, I want to keep the money from the short in my pocket. I’m not sure if I will long SLV into the weekend, even at a fractional position size. But I’m fighting with my internal greed over here because I do think a back test of the trend line at $93-98 is most likely the bounce target.

Yes, I do think this is a good time (around 2:30 pm ET) to go long silver for a bounce trade into next week & possibly more. If you haven’t had the time, take a look at the video I posted earlier today covering the metals. I measured the initial drops of silver immediately after a parabolic uptrend line was broken (like today) in recent decades, & they ranged from about 25-40% with a mean around 30% or so, right around the drop in SLV today. Those initial drops typically lasted more than a day before the big dip buying rally, but there was more variance in the time than in that initial drop, so again, might be worth a shot at a long for a bounce trade here.

Nothing too big, IMO, as the risk of a margin-call-induced crash on Monday can’t be ruled out, but again, I think the R/R at this point in time is now to the upside vs the downside as it has been all week since we entered the silver short on Monday.

Here’s a good level to maybe flip for a bounce at $71.04 with a tight stop below $69.95