SIU12 – September Silver (Last:30.725)

September Silver has yet to correct after ripping through a gaggle of prior peaks, two of them legitimate ‘externals’ on the 480-minute chart (see inset).  Entry opportunities will exist only for the quick, the bold or for camouflageurs, but all should be wary of the correction that could come at any time. My hunch is that it will be vicious but fleeting, and so you should pay attention to any p or d supports that come into play in the retracement. Please note that when trading vehicles move as swiftly as this one, Hidden Pivot swing points tend to work with even greater precision than we are used to.  _______ UPDATE (Sunday, August 26, 2:58 p.m. EDT): Friday’s feint lower set up a push to, most immediately, 30.840 (30m, A=30.405 at 11:30 a.m. on 8/24); or if any higher, to the 30.880 target of a larger pattern begun from 30.100 on 8/23. As always, an easy move through either of these Hidden Pivot resistance points would portend still-higher prices.