The futures easily exceeded our rally target at 22.765 before pulling back to end the week. The retracement should be viewed as a healthy correction, since it was preceded by an impulsive thrust that exceeded a small but important ‘external’ peak recorded September 20 with Silver in the throes of a steep decline. Traders looking for a low-risk entry opportunity should focus on the 23.075 peak-let above it, or the next at 23.180, since each has the potential to create a subtle impulse leg and b-c pullback, and therefore an excellent camouflage buying set-up. ______ UPDATE (October 29, 10:12 p.m. EDT): No change. Silver has weathered a squall somewhat better than gold and looks well poised for an upthrust from the consolidation pattern that has traced out over the last week.
