We might have preferred for the last run-up to have exceeded the 29.96 peak recorded in July 2018. However, the pattern shown contains a valid impulse leg nevertheless and looks well capable of getting SIL to the 30.16 target. This seems very likely, given the way buyers popped through the 28.34 midpoint resistance today. If SIL achieves it, the move would equate to a 37% rally from June’s low. If GLD were to achieve an equivalent target a 145.16, the move would amount to a 21% rally over the same period. _______ UPDATE (Aug 7, 7:52 p.m. ET): Today’s gap-up rally reversed from a dangerous spot, midway between p2 and D. The 30.16 target remains viable nonetheless, but the yellow warning flag is out. _______ UPDATE (Aug 12, 5:11 p.m.): A bold leap higher last week rescued SIL from jeopardy, putting the 30.16 target back in play. ______ UPDATE (Aug 13, 8:36 p.m.): Recent peaks missed the target by 21 cents. Try a ‘mechanical’ buy at 27.42, the green line, stop 26.50. _______ UPDATE (Aug 15, 9:16 p.m.): Cancel the trade, since it is taking SIL too long to come down to our bid.
