I hadn’t noticed the 14.946 target shown until after Silver plummeted today (see inset), but it suggests there’s at least a chance the September contract may have bottomed or is close to doing so. Rather than get your hopes up, I’ll let the charts do the talking. That means the futures would need to go no lower, then rally to exceed the 15.700 peak shown (click here), before we could infer that bulls may be turning the tide. Otherwise, the chart suggests the Sep contract is likely to fall to at least 14.625, albeit with an opportunity to turn higher from p2=14.894.
