SLV Silver daily 2011 - iShares Silver Trust - Chart LinkSilver Parabolic high in 2011, after the peak price eventually made a lower high at the 61.8% Fib

$GOLD 1980 blow off weekly - Gold - Spot (EOD) - Chart Link1980 peak for gold, eventually had an ABC retracement to the 61.8% Fib lower high

$SILVER 1980 top - Silver - Spot (EOD) - Chart LinkThe 1980 peak on Silver didn't even manage to retrace to the 38% Fib before stalling out and beginning a long decline - but that said notice you also had a perfect ABC 3-wave reflective bounce

What to take from all this and how will gold and silver behaving going forward:

1. I am assuming we've seen at least an intermediate high for gold and silver that could hold for up to a year even if new all time highs are eventually made assuming the high was a wave 3 of V and not the end of those bull markets

2. Watch for a lower higher to be formed that should be a reflective bounce - meaning not impulsive.  It could be a simple ABC or a more complex abc/abc etc - that lower high could be as high as a 61.8% retracement or lower over course.  

3. One must take account the time this will all take - this lower high should take perhaps months - don't expect this all to be over in a week or two. 

HOPEFULLY most of you sold your metals last week - KISS systems got out of course.  However, if I was still long the metals, my strategy now would be to not sell now, but instead sell a retracement to the lower high - and in fact astute trades could get a low risk short if they are able to time that lower high