Having neatly fulfilled our 19.655 downside target, September Silver looks primed for another leg down. My target is 19.165 (see inset), and you shouldn’t hesitate to bottom-fish there was a stop-loss as tight as a few ticks. You can trade the target more aggressively if you’ve been short on the way down, but it’s not going to be easy to jump on the downtrend because it has been attracting its share of new fans since late July. Alternatively, a camo-style buy signal would be tripped on a small rally exceeding the 19.760 ‘external peak that I’ve labeled.
