Our mine canary, Silver Wheaton, seems to be saying September Silver’s tortured soul will resolve its angst-ridden crisis with a move higher. If correct, we should expect to see the futures pop above a very small peak at 39.070 made Wednesday on the way down. That would create a bullish impulse leg on the lowly 5-minute chart, although it would not guarantee a bullish C-D follow-through. At the moment, however, bears hold the edge on the lesser charts. _______ UPDATE (3:02 p.m. EDT): The futures have continued on their tortuous path lower, ceding ground after each skirmish sideways. A downside target at 35.660 given here earlier remains possible, predicated on a close beneath its midpoint sibling, 38.030.
