Is Silver Making a Head & Shoulders Top, or A Massive Flag Formation?

The man who flip-flops more frequently than Mitt Romney is back to predicting an Armageddon-like collapse in silver. While we think a continued correction to long term support near $22 is possible, the "head & shoulders" chart formation on silver's 2 year that Maund says is 'as obvious as the nose on your face' looks more like a massive flag formation or falling bullish pennant to us.

Perhaps we should review what a classic head and shoulders chart formation looks like vs. a flag formation or bullish pennant.

Here's the example of a head and shoulders formation from Forex charts:




And the example of a flag formation from Investopedia:

And a bullish pennant:


Silver's 1 year chart above shows even more clearly that silver's price action does not look anything like a head and shoulders, rather it appears to be completing either a flag formation or a falling bullish pennant.
Silver's 2 year price pattern that Clive Maund incorrectly labels a head and shoulders, predicts a silver move to $70-$75 if and when the price breaks out of the flag/ pennant.
If silver breaks down further from current levels it will be because the cartel needs to continue to suppress silver, and JPM needs to further extricate itself from its remaining 75 million ounce naked short position, rather than some inaccurate TA.