SIK11 – May Silver (Last:34.260)

May Silver (SIK11) price chart with targetsI like the 33.780 Hidden Pivot shown in the chart for bottom-fishing today, although it doesn’t come with an ironclad guarantee.  A three-tick stop-loss should suffice, since the pattern is formed from three delicately precise coordinates.  FYI, I took a 20-minute break after writing the foregoing, and now, as of around 7:30 p.m., the futures were in a moderate rally that diminished the appeal of the pattern.  The bottom-fishing strategy will remain viable, however, as long as the point ‘C’ of the pattern, 34.615, is not exceeded to the upside.