I’ll take Silver first today, since there were some frightening estimates of its immediate downside potential under discussion in the chat room Monday night. By my calculations, the ugliest of the targets lies at 6.73, but I would rule it out for now, since the terminus of the AB impulse leg failed to exceed the key low at 11.830 recorded in August a year ago. The hourly chart is another matter, though, and it would seem to point very clearly to 11.205 as the next important stop on the way down. Its midpoint sibling at 12.670 did not work precisely, but there is nonetheless a distributive oscillation centered on that price, somewhat corroborating the 11.205 projection. However, our best bet for bottom-fishing above that number may lie at 11.650, a lesser Hidden Pivot support whose provenance is shown in the accompanying chart. You can stop it very tightly, but keep in mind that a decisive penetration would indicate more downside to 11.205 (which can also be bottom-fished). _______ UPDATE: The hidden support at 11.650 got pasted, suggesting more weakness down to at least 11.205. As of the moment, the futures have rallied 30 cents off an 11.555 low.