We’ve been using a 28.425 target to keep us on the right side of this move, but I’m going to shift our focus lower, to the 27.010 ‘p’ midpoint pivot of a bearish pattern that looks more compelling to me (see inset). Indeed, the pivot is so well situated that if Feb Gold had not smashed through its equivalent support, I’d infer that Silver is fixing to lead the next important turnaround. As things stand, it’s probably no better than a 2-to-1 bet, since Gold’s downtrend is so well developed. Regardless, camouflageurs can try bottom fishing near ‘p’, but keep in mind that other traders will be playing for a bounce from the whole number 27.000. You can also try it at 28.425 as originally suggested, but don’t risk more than $70 on the initial stop.
