I’ve switched views, since, on the weekly chart, December Silver tripped an entry signal at 18.436 that has put a rally target at 22.400 theoretically in play. Bulls will have their work cut out for them, however, since a move to that number would not become an odds-on bet until such time as the futures have closed for two consecutive weekly bars above the 19.758 midpoint Hidden Pivot. More immediately, a pullback to the green line could conceivably create a ‘mechanical’ entry opportunity if the retracement occurs after the futures have spent a few leisurely bars entirely above the line as we require. Since the implied initial risk would exceed $3000 per contract, we would want to try to reduce that by as much as 95% using ‘camouflage’ or perhaps a ‘counterintuitive’ trigger. If these terms are unfamiliar to you, stay tuned to the chat room, since there will usually be at least a half-dozen traders who know exactly how to make hay using the chart shown. More immediately, night owls should look at this pattern on the 30-minute chart for a possible bottom-fishing opportunity at p=18.110: a=18.645 on 11/3; b=17.995 on 11/3; and c=18.435. That last coordinate must not be exceeded to the upside if p=18.110 is to remain valid. _______ UPDATE (Nov 6, 8:03 p.m. EST): The futures have opened sharply lower Sunday night, breaching the 18.155 midpoint support of a pattern that projects to d=17.830. The bearish prognosis will remain unless buyers can push this vehicle above an 18.440 ‘external’ peak created Friday on the way down. You can replicate the minor, bearish pattern on the 15-minute chart using these coordinates: a=18.645 (11/2); b=17.995 (11/3); and c=18.480. _______ UPDATE (Nov 7, 7:48 p.m.): The futures rebounded without having achieved the 17.830 downside target noted above. The rally came almost precisely from a ‘secondary’ Hidden Pivot at 17.993 that can be found using the coordinate given above. The bounce would become technically significant if it can quickly get past an 18.430 ‘external’ peak recorded last Friday on the way down._______ UPDATE (Nov 8, 7:21 p.m.): Tuesday’s high at 18.730 has put a minor rally target at 18.990 in play (240-minute, a=17.755 on 10/31). _______ UPDATE (Nov 10, 10:26 p.m.): Silver’s chart looks somewhat more promising than gold’s but the December contract would need to exceed a midpoint Hidden Pivot resistance at 18.855 to put bulls back on the offensive. On the 60-minute chart, here are the coordinates needed to produce that number: A=18.005 on 11/7; B=19.005 on 11/8; and C=18.355 on 11/10. Please note that a breach of the current C would change the picture.
