On September 24th, 2011 as shown in the last chart, an "M" shaped bounce was indicated due to the analysis of a large scale Silver price pattern. Then, on October 30th, the first high of the large scale "M" pattern was called at the orange trendline as expected in the September 24th analysis.
October 30th analysis:
"For Silver a dip to test near the midfork this week is the plan. A rounded top in a tight sideways range should follow after that dip. Once the rounded top is complete, a decline to test the September low is anticipated."
Silver topped out at the orange trendline, and then declined to test the "September low" as expected in the October 30th analysis. Remember that the September 25th low for the Silver futures was much lower than SLV traded during the day on September 26th. Considering this, the "M" pattern has been quite exact in price.
However, importantly, notice that the "M" pattern took longer to form in time than anticipated originally in the September analysis.
In March, there should still be one final push above the orange trendline to complete the "M" pattern.
Additional patterns and price targets for Silver will be updated later in March when the "M" is nearing completion. Once the "M" completes, the large price pattern indicates a massive collapse in the Silver market. I expect the Silver bear market that started in April 2011 to continue with a vengeance...
The following chart is from October 30th analysis:
The "M" pattern was shown on September 24th in accordance with my large scale price analysis for Silver. The "M" did take longer to form than shown in September, yet the price action was accurate.
This delay in timing is also why my analysis for SPX turned bearish prematurely.
The following chart is from September 24th, 2011 analysis: