TSX slips after index extends retreat from all-time high
Square of 9 harmonics reinforce resistance in the 45.25–46.20 zone, just as the market approaches its long-term 360-day cycle trough. If silver sustains above the 44.45 pivot, the path opens toward harmonic upside, while failure to hold the 42.62 weekly pivot risks a deeper reversion into 41.81–40.66.
The silver futures market continues to operate at a crucial inflection point, as price action hovers near the upper boundary of its weekly structure while aligning with larger cyclical forces. At the close of the latest session, silver traded at 44.32, consolidating just below the Daily VC PMI pivot of 44.45. This price zone has become the fulcrum between continuation higher toward the 45–46 area and a corrective retracement back toward weekly supports.
VC PMI Framework and Fibonacci Dynamics
The daily structure sets clear tactical levels:
- Buy Zone: 44.13 (Buy 1) – 43.65 (Buy 2)
- Sell Zone: 44.93 (Sell 1) – 45.25 (Sell 2)
The weekly structure expands this range, with the VC PMI pivot at 42.62, Buy 1 at 41.81, and Buy 2 at 40.66 forming the reversionary support levels, while Sell 1 at 43.77 and Sell 2 at 44.27 mark the overbought supply zones. Notably, the rally from 41.48 launched directly from the lower quadrant into the Sell 2 region, validating the cyclical mean reversion model. The Fibonacci retracement overlay highlights confluence between the 100% and 161.8% extensions in the 44.27–45.25 zone, reinforcing resistance.
Gann Time Cycles: 30-Day and 360-Day
From a 30-day cycle perspective, the surge off the 41.48 low (Sept 17) suggests a cycle low is in place, with escape velocity carrying price into the upper quadrant. The 30-day projection indicates strength could persist into mid-October (around Oct 17), where the next short-term cycle high is anticipated.
Overlaying the 360-day master cycle, silver remains in the accumulation-to-distribution phase ahead of the major cycle low projected for Sept 28, 2025. This convergence implies a powerful inversion dynamic: while the 30-day cycle projects higher prices into October, the broader 360-day structure indicates the market is in the final stage of basing before a long-term bullish reversion unfolds. The alignment between the short-term acceleration and the long-term cyclical trough suggests volatility and sharp rebalancing may emerge in the coming weeks.
Square of 9 Harmonics
Using the Square of 9 wheel, the 44.25–44.77 zone harmonizes with prior pivots and Gann angles at 180° from the August lows, underscoring the technical resistance. The next harmonic cluster appears near 46.20, which aligns with the daily Sell 2 extension and would become the target on a confirmed breakout. On the downside, harmonic support aligns at 42.62–41.81, in harmony with the weekly VC PMI structure.
Conclusion
Silver futures are consolidating beneath heavy resistance while cycles point toward an imminent inflection. The 30-day cycle suggests continued strength into mid-October, yet the convergence with the Sept 28, 360-day cycle low warns of possible price inversion. If price sustains above 44.45, a breakout toward 45.25–46.20 is favored. Failure to hold above 42.62 would neutralize the bullish bias and invite a deeper retracement into the 41.81–40.66 zone.
The market remains bullishly biased with caution, as overlapping cycles and harmonic resistance create both opportunity and risk for traders at these levels.
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