Bulls impaled a Hidden Pivot obstacle at 17.815 that I’d flagged here last night, setting a path to as high as 18.730 in the weeks ahead. First, though, we should focus on a lesser target at 17.925 associated with the bullish pattern shown (see inset). Because Wednesday’s high hit yet another HP target almost exactly, however, we should expect a retracement that takes at least a day or two to run its course. If buyers instead decide to take March Silver higher without such a correction, we could infer that the anticipated move to 18.730 is all but in-the-bag. In the meantime, a pullback to the red line (17.593) can be used to get long ‘mechanically’ at 17.590, stop 17.400. The implied entry risk of this trade would be a theoretical $950 per contract, but you could cut it down to sized by substituting a ‘camouflage’ entry provided you are familiar with the tactic. A third way to get aboard would be by way of a ‘counterintuitive’ entry if the point ‘C’ low falls within a few ticks of Tuesday’s 17.560 low. The chart illustrates this hypothetically.
