Bulls easily exceeded the 17.020 pivot we’d been using as a rally target, so I’ve redrawn the pattern to produce a new one at 17.545. Given the high quality of the pattern, it should show potentially tradeable stopping power. You can use a corresponding target in SIL to get short via an ETF, but I would suggest a very tight stop-loss regardless of what vehicle you choose. The pivot demands our attention, since it is such a logical spot for a correction. _______ UPDATE (Aug 13, 8:03 a.m.): Today’s roller-coaster ride peaked a nickel from the 17.545 target given above. It remains valid in theory, but in practice we’ll put it aside and focus on the retracement. If the 16.510 low of the swoon holds, the next rally could hit 17.970 (60-min, A=15.070 on 7/12. _______UPDATE (Aug 14, 9:45 p.m.): So far so good. Not only have the futures rallied sharply from the 16.510 low, they are moving tonight above the 17.240 midpoint resistance associated with the 17.970 target. _______ UPDATE (Aug 17, 2:45 p.m.): Although I am removing this tout form the home page, I will track Silver futures on request in the Trading Room.
SIU19 – September Silver (Last:17.085)