Unlike gold, silver did not take out the key external low from last June. That means the March contract would in theory generate a buy signal, were it to rally to the green line. In practice, we can avoid the enormous implied entry risk there by simply looking for a ‘camouflage’ trade set-up if and when 17.499 is hit. In the meantime, the futures can be traded from either side of the market. Although a move exceeding 16.955 would generate a bullish impulse leg on the daily chart, it would do little to overcome the bearish implications of the precipitous selloff that has occurred since November 10. _______ UPDATE (Nov 29, 7:09 p.m. EST): A rally decisively exceeding 16.820, a minor Hidden Pivot resistance, would clear a path to 17.170. On the hourly chart, here are the coordinates: a=16.245 (11/24); b=16.945 (11/28)
