SIH17 – March Silver (Last:17.170)

SI stall has occurredI was mildly skeptical of Silver’s manic leap on Friday and remain so, since it failed to surpass any ‘external’ peaks of significance, even on the 15-minute chart.  However, since we are obliged by habit to go with the flow, we’ll take the impulsively bullish pattern shown at face value and respect its potential. Accordingly, I’ve furnished Hidden Pivot levels that can help us gauge the strength of the buying.  Sunday evening’s stall just beneath p=17.252 has validated the pattern and suggests that a decisive move past it would be bound for a minimum 17.519. Even more bullish would be a thrust that effortlessly takes out that last point of resistance.  Traders please note: An alternative pattern, bigger but with a lower target, could cause a stall at 17.385 (A= 16.610 on 1/13, 60-min). _______ UPDATE (Jan 30, 9:18 a.m.): A balky Tradestation application screwed up the original chart. I’ve corrected it to show a somewhat revised target at 17.545 , and also a midpoint pivot at 17.278 where the futures have stalled — very precisely — this morning. _______ UPDATE (Jan 30, 8:48 p.m.): The stall has confirmed the pattern and its 17.545 target. Either of two entry tactics could have gotten you aboard — mechanical, or counterintuitive. The former, on the 60-minute chart, triggered at 2:00 a.m. on a pullback to the green line (17.144); the latter, via a counterintuitive entry at 17.134 (4:00 p.m.) that used A= 17.080 (5:00 a.m.). Any takers?