Silver is lagging gold tonight, unable thus far to generate a bullish impulse leg on the hourly chart. Because the futures have been meandering for a month, we should set an ambitious benchmark for turning bullish on the short-term picture. Specifically, let’s stipulate that the futures must exceed the small external peak at 32.150 shown in the chart before we dive in. If they do so without ruffling the 32.355 high made a day earlier, so much the better, since that would create a very enticing camouflage pattern on an intraday chart of higher degree. Any pullback thereafter should be used to time-stop your way aboard at the given point ‘X’. My hunch is that, from the time point ‘C’ is created, you would not have more than about 60-90 seconds to pull the trigger. The scenario is sketched out hypothetically in the chart.
