Newly energized buyers made further progress toward the 16.785 target first broached here two days ago, coming within 2.5 cents of it at the intraday high. It remains valid, but the important concern at the moment is how easily buyers can get past it, if indeed they do. If the rally were to continue, exceeding ‘external’ peaks #1 and #2 (see inset) without a visually distinctive pullback along the way, that would increase the likelihood that a major, bullish trend change is under way. Incidentally, the Silver Miners ETF (SIL) has already achieved this, so I will be adding it to the list of touts, and providing coverage in the chat room, for traders who prefer using equity vehicles. _______ UPDATE (Jan 10, 7:53 p.m. EST): This morning’s opening-bar surge easily reached our target, then overshot it by 17 cents. This is bullish, of course, but it would have been significantly moreso if the rally gone just another inch, surpassing the 17.000 ‘external’ peak, before buyers took a breather. If they can accomplish this today, however, it would all but clinch a further push above mid-December’s peaks near 17.300. _______ UPDATE (Jan 12, 10:30 p.m.): It has taken ten days for the futures to recoup what they lost in mere hours on December 15. Even so, the March contract has yet to exceed any peaks on the daily chart. That would occur with a print at 17.295, but if bulls can’t deliver this result soon, they’re going to be feeling the weight of skepticism next week.  _______ UPDATE (January 17, 11:12 p.m.):  Today’s surge left the futures a nickel shy of our 17.295 benchmark. Let’s see what happens now. ______ UPDATE (Jan 18, 11:03 a.m.): Today’s move is VERY encouraging. The seemingly modest spear comprising the last two hourly bars has taken out not only December’s peaks, but also another full-fledged ‘external’ peak at 17.330 from 11/15. The futures may stall here, however, since there’s a pretty compelling target at 17.370 (60-min, A=16.260 on 1/5)