Monday’s opening-bar dive turned Silver’s all-but-interminable correction of the Brexit spike into a picture that is ever so slightly menacing. It overshot an 18.800 target (60-minute, a=20.515 on 8/10; b=19.375 on 8/17) by a whopping 14 cents, implying that the futures will likely need to go lower before they can find traction. If so, I’d suggest putting Hidden Pivot targets aside for the moment and using the chart shown to stay abreast of the trend. Alternatively, it would take a pop above August 16’s peak at 20.120 to put bulls back on the offensive. _______UPDATE (August 25, 1:22 a.m. EDT): A midpoint Hidden Pivot at 18.475 broke September Silver’s fall yesterday, but if it buckles, the futures will be on their way down to 17.860. Click here for a look at the pattern on the 60-minute chart._______ UPDATE (August 28): Friday’s manic, meaningless Yellenbounce made the downtrending ABC pattern less compelling visually without altering its target, 17.860. That would require a thrust above the 19.090 point ‘C’, which would also generate a bullish impulse leg on the hourly chart. ________ UPDATE (August 30, 1:21 a.m.): The futures turned ever-so-mildly bullish on the 15-minute chart with this pattern: a=18.705 (8/29 at 12:30 a.m.); b=18.940 at 8:30 p.m.); and c=not yet formed.
