SIU09

A  midpoint support at 13.720 beckons, and you could bottom-fish there with a stop-loss as tight as three ticks. If it's hit, though, expect the futures to continue their fall down to at least 13.365.  Alternatively it would take a print at 14.295 to turn the hourly chart bullish. _______ UPDATE (2:52 p.m.) : The futures have trampolined 58 cents from within a penny of the 13.720 midpoint flagged above.  If you caught a ride, profit-taking shouldn't be much of a problem at this point. If you bought more than one contract, I'd suggest holding a third to a half of the position for scale-out selling, but with a stop-loss suited to your comfort zone. (Note: This tout was originally published as a Side Bet, below.)

If the futures rally into a narrow window this morning, pulling back from an intraday high anywhere between 14.155 and 14.195, use the ABC pattern to get long at conventional point 'X', since you'd have pretty good camouflage. For your guidance, I've drawn in the coordinates and the hypothetical rally/pullback in the accompanying chart.

I've just mentioned in the chat room that the 13.805 target is still theoretically valid but unappealing as a place to try bottom-fishing, since the bounce from a somewhat higher low at 13.820 has gone on for so long. The futures would need to keep going all the way up to _____ to make a statement, but that appears unlikely because of the feebleness of the bounce so far. A bit of unexpected news could change that in an instant, but without it the futures appear to be headed lower -- presumably to test a moderately important low at _____ recorded on July 31.

A rally target at _____ broached here earlier is in play, and we should be encouraged to think that it will be reached soon because the futures closed yesterday above its midpoint sibling, 15.050.  The target is sufficiently compelling that we should expect a stall there. However, if it impedes the bulls' progress for perhaps an hour or less, that would suggest there is more buying power waiting to be unleashed next week.

The futures looked bound for _____ when the regular session ended yesterday. That's a 'D' target of an uptrend whose sibling midpoint lies at _____, exactly ____ cents above Wednesday's high. The latter number can serve as a minimum upside objective for Thursday, but if it's exceeded on the close or by more than eight cents intraday, take it as a sign that the higher resistance will be achieved.

Silver is vulnerable to a mild selloff if it breaches the Hidden Pivot midpoint support at _____ shown in the chart. Its 'D' sibling lies at _____, so that would become our minimum downside objective. Alternatively, we'd need to see an upthrust past _____ to turn the hourly chart bullish, and a close above ____ to get a running start on minor target at _____.

September Silver signaled significantly higher prices ahead by blowing through an important Hidden Pivot midpoint at 14.500 yesterday. This was the futures' first encounter with this resistance in the context of the pattern shown in the chart, and it implies that the midpoint's 'D' sibling at _____ will be reached.