SIH11 – March Silver (Last:27.180)

Silver seems so comfortable cruising at 30,000 feet, just below a multi-decade high that looks like Everest on the weekly chart.  More of a correction would have been the gentlemanly thing to do, but bulls seem to have other designs — namely, the impalement of all the dirtballs who for decades have made too easy a living holding prices down. Monday night, the futures were retracing an exuberant, after-hours war-whoop to 27.490, tracing out an abc correction that could bring them down to as low as 27.020.  Night owls can try bottom-fishing at the midpoint, 27.170, using a stop-loss as tight as 27.160, although two more ticks would give you an extra “structural” support to lean on on the two-minute chart. _______ UPDATE (10:40 p.m. ET):  Looks like the criminal element has control at the moment, although in crashing the futures in the space of  single minute, they failed miserably to make the 27.020 target highlighted above irrelevant.  It is in fact the evening’s low as of this moment, and if you had a stink bid in I’d suggest taking some profits now, with the futures trading 27.105.  A break-even stop should be used for what remains.