Silver is in the Anything Goes Phase

Appearing to be well on its way to confirming an intermediate-term bottom, silver likely carried out some stubborn shorts in body bags this morning with yet another opening gap higher. 

But silver then sharply reversed lower and promptly punished latecomer longs, only to now flip back to green as I write this. 

The main point is to keep perspective beyond the short-term expected volatility at this stage in the rally, for silver is now effectively in the "anything goes" phase where, overnight and intraday, we can expect these types of violent move as the metal is clearly overbought but also flashing signs of a major reversal in trend. 

Hence, shorts may not have as high of a probability trade as they think, and fresh money longs had better have a high tolerance for risk. 

Going forward, I am more interested in stalking new swing long entries into either bull flags or pullbacks holding above $15.45. 

Similar comments apply to most miners, precious and otherwise.