The futures spasmed higher late in Tuesday’s session, but it doesn’t negate the fact that the intraday low decisively breached the 15.993 midpoint support shown (see inset). That means the 14.685 target of the pattern is very much in play and will remain so unless this rally pushes above 17.300, the point ‘C’ high. Price action at p has been sufficiently precise to imply that if and when it is breached, a tradable bounce precisely from D is likely. However, I recommend this only to those of you who have been short for at least a part of the ride south. Please note that the lesser charts are impulsively bullish at the moment and warrant a bullish bias if you day-trade this little monster. _______ UPDATE (Dec 21, 6:58 p.m. ET): And now the hourly chart is slightly bearish, with this short-able pattern in prospect for night owls: A=16.190 (10:00 a.m.); B= 15.950; C=?. _______ UPDATE (Dec 22, 7:35 p.m.): The trade noted above, with C=16.070, would have produced a small profit of $60/contract. The futures continued to struggle to hold 15.995, a key Hidden Pivot support. _______UPDATE (Dec 26, 10:03 p.m.): Silver has opened slightly higher this evening — a non-reaction so far to news of Obama’s last-ditch attempt to take down Trump before he assumes office, and to paint Israel into a dangerous corner. The story will continue to develop, but it remains to be seen whether investors will perceive Obama’s treachery as bad for the world, and for the U.S. economy. _______ UPDATE (Dec 27, 7:55 p.m.): Today’s modest rally was bullishly impulsive on the hourly chart, with a 16.185 target derived from these coordinates: a=15.755 (Dec 26, 9:00 p.m.); b=16.105 (5:00 a.m.); c=15.835. If a pullback to p=16.010 sets up a mechanical bid that meets our rules, you can bid there with a 15.950 stop-loss. _______ UPDATE (Dec 28, 11:58 p.m.): A sharp rally has blown past the 16.185 target. But the shakeout low just ahead of the move would have stopped out the ‘mechanical’ bid advised above for a loss of $250/contract. A companionable trade in gold fared better, however, and is currently showing a theoretical profit of about $3800.
