Silver Price Triple Bottom

http://www.marketoracle.co.uk/Article35414.html

We are not going to do a "post mortem" here regarding what happened last week, other than to say that silver was on the point of breaking to new lows on Thursday, and would have done had little or nothing been achieved at the European summit, as was the case at the previous 18 summits.
There are 2 big differences between gold and silver which both suggest that silver has truly explosive upside potential from here. One is that silver has suffered a far more serious decline than gold over the past 2 years, with sentiment towards it becoming extraordinarily negative in the recent past, and the other that silver's COT structure is now at record bullish levels, and far more bullish than that for gold. This is a situation where all it needed was some pivotal fundamental development - and last week we had it - to turn the tide in the other direction.
On its 6-month chart we can see that silver went into further decline during the early part of last week, taking it even lower, before reversing to the upside on Friday on the news out of Europe, and even though the rise on Friday was comparatively modest, it still left behind a clear "Bullish Engulfing Pattern" on the chart which is indicative of a reversal, particularly following a lengthy decline. It would appear that the markets have gotten so negative on silver, that even after what happened in Europe on Thursday night, they are "not convinced" - but they will be after further strong gains on short covering in the near future.