SIK11 – May Silver (Last:34.320)

May Silver (SIK11) price chart with targetsThere are plenty of big-picture targets way above, so we should focus our attention on lesser patterns capable of getting us long with relatively little risk.  The five-minute chart is where you want to be if you are scalp-trading or perhaps looking to establish a longer-term position.  As of around 9:45 p.m. EST, there was an attractive camouflage opportunity developing in the form of a solid impulse leg that ostentatiously failed to take out Monday’s highs. Night owls, pivoteers and camouflageurs should take note in case the pattern develops as shown. ________ UPDATE (9:21 a.m. EST): A distinctive, single-bar ‘C’ formed at 10:35 p.m. EST, yielding an entry price at 33.875 and a minor-trend target at 33.980. If you held onto any contracts above it, you could have ridden the rally 50 cents higher, to a so-far intraday top at 34.485.