SIH17 – March Silver (Last:16.625)

energetic-move-past-pThe rally is still well shy of impulsiveness on the hourly chart, since that would take a push above the ‘external’ peak at 17.000 (see inset).  Even so, if and when the futures touch 16.454 — they missed by a tick on Tuesday — you can consider it a signal to look for a ‘camouflage’ entry opportunity. The five-minute chart seems best suited for this purpose, having already signaled a trade at 16.380 tonight. The minor ‘camo’ pattern is targeted on 16.470, so beware of a possible stall there. Note as well that the 16.380 entry would have come on the second attempt, after getting stopped out for a loss of about $160 per contract initially. The compensation for taking this risk is that the larger pattern (A=16.060 at 10:05 a.m.) projects to at least 16.785. I’ll put this one on The Scoreboard if any subscribers report a fill. _______ UPDATE (Jan 4, 7:58 p.m. ET): The rally is tracking as forecast (see inset, a new chart). With this evening’s energetic leap past the midpoint Hidden Pivot at 16.543, the futures have become a strong bet to hit 16.785 — or possibly 16.870 if any higher. No one in the chat room reported doing the trade, although one subscriber said he’d substituted SLW shares.