SIZ10 – December Silver (Last:25.210)

The focus remains on a 25.250 correction target first broached here a while back, and it can be bottom-fished with a stop-loss as tight as three ticks. (Please note: The slightly-wider-than-usual stop-loss is intended to encompass an alternative target at 25.240.)  Silver needn’t have done anything particularly impressive yesterday to overcome the drag of this correction, but it failed by two ticks nonetheless, adding weight to the downside target. SIZ will have another chance to turn things around, though — with a push above the benchmark given here yesterday, a structural peak at 26.480. _______ UPDATE (10:49 a.m. ET): The forecast got the magnitude of this sell-off right, at least thus far, but the so-far low at 25.220 overshot our target by three cents, stopping out longs tied to a 1.5-cent stop-loss.  Now, we should use a Hidden Pivot support at 24.855 as a minimum downside objective. (60m chart, A=27.300 on 11/12; B=25.700 and C=26.455).