SIH11 – March Silver (Last:27.015)

March Silver (SIH11) price chart with targetsSilver’s 240-minute chart — Doug ‘Harry’ McLagan’s favorite point of view in the charts he posts in the chat room — differs from Gold’s in some key respects, but the possibilities are few enough that we needn’t dither in saying what is most likely. The most compelling downside target lies at 25.540, a Hidden Pivot, but its sibling midpoint at 26.745 seems all but certain to engender a tradable bounce. If not, and March Silver crashes the support, that would lend weight to the 25.540 target itself as the final low for this now three-week-old correction.  More immediate, and potentially useful for night owls, is an alternative low at 26.655 that can be bottom-fished with a stop-loss no wider than five ticks.  Its obscure provenance is shown in the chart, which turned out a little more dense with coordinates than I would have preferred.