Silver Drafting a Cypher

A bearish cypher is on the rise for Silver. The precious metal went from 18.20 in early September to a low of 16.55 in early October. By mid-October Silver made a short lived rally that pushed the price to a high of 17.46. Then it went into consolidation and has not yet breached out of it.

The price is now 17.18 and as it appears, it's slowly moving out of the range towards the break of resistance at 17.40.

Silver is currently drawing a cypher pattern that would turn bearish at the end of it if all goes according to the rules. In such case, the metal would have to climb to $18.00 before November is over. If that does not occur, then the pattern would be deemed invalid.

Chart: XAGUSD H4