Silver ($SLV)

In the above "Point & Figure Chart" going back to 2007, I have identified the various stages that $SLV has gone through:

1. From May 2005 to September 2011, $SLV was in the advancing, Stage 2, phase. (See chart).  
2. From September 2011 to January 2012, $SLV was in the distribution, Stage 3, phase.  
3. From January 2012, $SLV has entered the outright selling phase, or Stage 4.  Stage 4 occurred when the price penetrated the "Bullish Support Line" in January 2012, which was intact since December 2008. (See above chart for the Bullish Support Line.)
4.  The critical price support for $SLV remains at $26.  Since it is in Stage 4, selling phase, I still anticipate $26 to be penetrated with a downside price object of $19.