SIZ14 – December Silver (Last:17.255)

The futures obliterated an 18.130 Hidden Pivot support on Friday, implying more downside to the 16.820 target shown. Because a tradable bounce from that Hidden Pivot seems likely,  I am recommending bottom-fishing there, albeit with a very tight stop-loss (or with a ‘camouflage’ bid on charts of 3-minute degree or less).  The futures have already slightly exceeded the 17.715 midpoint pivot (p1) associated with A=32.802 (1/25/13), so the new midpoint support (i.e., 16.820) is potentially a very important number. Notice that its easy breach would put an 8.776 ‘D’ target in play. ______  UPDATE (Sep 23, 9:22 p.m. EDT): A Hidden Pivot at 16.270 should also be mentioned as a downside target if the selling snowballs. It comes from a so-so, ‘sausage’ pattern on the weekly chart, where A=24.865 on 8/30/13. _______ UPDATE (September 30, 3:53 p.m.):  The low of today’s selloff came within 3 cents of the 16.820 target flagged above.  For reasons noted above, this Hidden Support must not fail. _______ UPDATE (Oct 1, 9:23 p.m.): To remind you (and possibly buck you up): There are two never-say-die pivots not far below with the potential to generate a bounce:  16.500; or if not there, 16.270, as noted above. The lower number is the more conservative and promising place to try bottom-fishing with a tight stop. ________ UPDATE (October 3, 4:37 a.m.): The 16.820 target flagged above is holding, but the futures haven’t gotten much loft after falling within three cents of it last week.   It would take a run-up to above 17.520 for this vehicle to get out of jeopardy.