There is no doubting the persuasiveness of the 27.105 correction target shown in the chart, especially since its sibling ‘p’ midpoint at 35.700 was exceeded by 17.50 cents at yesterday’s lows. Also, we have to consider the possibility that Gold sellers are not yet done and that a finishing stroke to below $1700 would put renewed pressure on Silver. Taking all of that into account, I’m nonetheless going to bet on a bullish turn in Gold from somewhere near $1700, accompanied by a more or less synchronous reversal in Silver. That scenario flouts a Hidden Pivot rule that says Silver should achieve its ‘D’ target if it smashes a ‘p’ support, but so far the overshoot is only 17 cents, and the eventual low may not be much worse. _______ UPDATE (12:23 p.m. EDT) Although I’ve put out a new correction target for gold that lies just $10 beneath the so-far low created by today’s avalanche, the 27.105 target for Silver noted above looks even more compelling as a result of the selloff. In anyevent, bulls would need to push this vehicle back up to 33.080 to regain the advantage.
