This is not a recent phenomenon of silver and OI. As you can see from Figure 8.9, the next weekly chart going back to 1993 (so we have covered the last 12 years), the same pattern was alive and well back then as it is now. High OI levels are associated with market peaks and low levels with market bottoms.

Finally, to drive the point home Figure 8.10 shows silver all the way back to 1985, where again we see the same operative rule. Etch this one into your skull. Write it in on your chart book. High levels of OI, as measured by a one-year stochastic indicator, are bearish and are usually seen shortly before a significant top.