Several feints higher in the last week have done little more than trap bulls looking for a breakout. None of the rallies exceeded the two external peaks labeled in the  chart, casting doubt on the enthusiasm and buying power of bulls. This is no problem that yet another flurry of buying wouldn’t cure, but until it happens we should reconcile ourselves to more humdrum price action — or possibly the futures taking the path of less resistance and heading lower.  Were that to occur, we could expect March Silver to fall to at least 15.995 before finding traction for a reversal attempt.  On the 120-minute chart, the coordinates for that target, a midpoint Hidden Pivot support, are as follows: A=18.860 (11/11); B=16.245 (11/24); and C=17.300. _______ UPDATE (Dec 15, 7:25 p.m. ET): Silver took a steep plunge today, exceeding my minimum downside target (see above) by five cents. Now, if the 15.948 midpoint support shown cannot hold, the March contract will be in jeopardy of falling to as low as 14.595. There are several alternative point ‘A’ highs that I could have used to project this target, but the precise interaction with p suggests the coordinates I’ve used will yield the most accurate swing low for the bear cycle begun on November 11 from 18.950. That would represent a 23% decline in silver’s price since then, and an 87% correction of the bull market begun from around $13.70 in early 2016. _______ UPDATE (Dec 18): So far, the midpoint Hidden Pivot support at 15.948 has held. If it gives way, however, odds of a further fall to at least 14.595 would shorten significantly. Alternatively, a rally this week would need to hit 17.335 to brighten the outlook for bulls.