In Hidden Pivot terms, Silver’s rallies have been failing while its declines have been succeeding. On the weekly chart, there is no getting around the fact that the plunge from August 26’s high at 44.295 was impulsively bearish. True, it exceeded January’s key ‘external’ low at 26.410 by just 26 cents, but that was enough to make the difference between a move that would have been simply corrective had the low not been exceeded, and the impulsive move that it actually was. We have no crystal ball, however, and we can only wait for patterns big and small, up and down, to tell us whether the damage will prove fatal. The futures would need an unpaused rally on the daily chart surpassing August 21’s 40.780 high, however to put bulls decisively back on the attack.
