SIN10 – July Silver (Last:18.070)

The big picture promises 21.53 eventually, subject at worst to a possible pullback to the 18.155 Hidden Pivot midpoint associated with that target.  More immediately, the futures need only improve on yesterday’s 18.890 high by two cents+ to shatter whatever feeble hopes JP Morgan and their ilk have right now of containing bull fever.  Once above December’s 19.420 peak, the futures will become an odds-on bet to hit a minimum 20.305 not long thereafter. _______ UPDATE (11:43 a.m. EDT):  Silver has been hit hard today, and it is not a happy sign that the downdraft  came from an 18.890 peak that fell 2.5 pennies shy of surpassing last January’s peak, 18.910.  The daily chart is of course still bullish and will remain very much so all the way down to 16.590.  But the failure of the futures to refresh the bullish impulse on the daily chart before they went into correction mode today suggests that a perhaps tedious correction lasting several weeks lies ahead before bulls can mount an assault on  December’s watershed high at 19.420.  Most immediately, the hourly chart has registered a bearish impulse leg but no upward B-C correction, so targeting and trading are possible at the moment only on the very lesser charts.  However, it would take a fall exceeding 17.515 to turn the daily chart bearish.  That is the point ‘C’ of a bull pattern projecting to 19.535, a target that is still valid.