SIK17 – May Silver (Last:17.885)

May Silver is correcting a rally to an 18.665 target that took ten weeks to reach, so we should expect the futures to take more than a few days to recoup their strength.  If not and they come bounding back to make new recovery highs this week or early next, that would bolster the odds that bulls are bound for the 22.644 target introduced here yesterday. In the meantime, we can use the pattern shown to project a 17.775 target for the retracement. If the futures instead were to turn higher without having gone below the 18.070 midpoint Hidden Pivot, and then rally to exceed 18.365, that would be extremely bullish.  I’ve sketched this hypothetically on the chart. _______ UPDATE (Apr 20, 10:47 p.m. ET):  Check my 00:28 post in the chat room for guidance on setting up a ‘counterintuitive’ trigger to get long. Ideally, it would come off a point ‘C’ low  in the range 17.750 – 17.765. _______ UPDATE (Apr 23, 7:56 p.m.): The correction continues with May Silver’s engineered plunge tonight on news that LePen had failed to capture the French presidency on the first ballot.  The Republic has been saved, at least for the time being but don’t think the clowns who have pulled the rug out from under bullion know any more than we do. _____ UPDATE (Apr 25, 12:01 a.m.): Silver’s recovery today was stronger than gold’s, ending the day with the creation of a bullish impulse leg on the hourly chart. Overnight weakness could conceivably set up a ‘counterintuitive’ buying opportunity using any of three prior lows as point ‘A’, but the one shown in this chart is the only one I’m recommending for the job.