The corrective pattern shown is not of the highest quality, since its point ‘b’ low did not exceed any prior lows. Even so, it can serve to project minimum downside over the near term to the 18.060 target shown. I wouldn’t rely on this Hidden Pivot for purposes of precisely managed bottom-fishing against the trend, but it can be used nonetheless as a place to look for a ‘camouflage’ entry opportunity ahead of a possible bullish reversal. Essentially, this would entail using the one- or three-minute chart to generate an entry signal on the first a-b-c uptrend that occurs from within a few ticks of 18.060. As always, an easy move through a Hidden Pivot level such as 18.060 would imply that the trend — in this case a downtrend — is likely to continue.______ UPDATE (Sep 19, 8:17 p.m. ET): Today’s modest rally has given bulls a little breathing room. If they can extend the uptrend on Tuesday to exceed 19.605, that would put a 20.350 rally target in play — one for which key resistance would come at 19.533. _______ UPDATE (Sep 20, 6:24 p.m.): Bulls spent the day screwing the pooch, but at least they didn’t give up much ground. Because of this, they should be presumed to hold a small edge on Wednesday. ______ UPDATE (Sep 21, 6:41 p.m.): Buyers blew past the 19.533 midpoint pivot with such force that they seem all but guaranteed to reach the 20.350 target of the rally pattern shown. Keep in mind that there is a still larger ABC pattern pushing silver as well — one that projects to 22.460, or even to 23.745 if any higher.
