SIK12 – May Silver (Last:32.320)

May Silver (SIK12) price chart with targetsA 33.730 rally target identified here yesterday remains valid in theory, but as a practical matter and for the time being, we ought not pay it much mind. Instead, I’ll recommend bottom-fishing at the 31.855 downside target of the pattern shown. This Hidden Pivot is nicely located in the middle of nowhere, just as we like ’em,  but camouflage should be used nonetheless to reduce risk.  Using a chart of 5-minute degree or less, camouflageurs should start looking for an uptrending abc reversal to leverage if and when the futures come down to 31.875.  I’ll establish a tracking position for your further guidance if 1) the perfect entry opportunity arises; and 2) someone in the chat room reports actually having done the trade.  Click here for information about the upcoming Hidden Pivot webinar and a coupon good for a $50 discount.)