Silver’s downtrend since late July has probably given bears even less satisfaction than gold’s. It is a corrective dirge that last week resisted falling to a midpoint Hidden Pivot support at 23.10 where we could plan on bottom-fishing. Odds are high of an upturn beginning from somewhere between the red line and the 22.62 low recorded on 10/29. The trade is best initiated with an rABC pattern, possible using a=23.67 from 11/19 on the daily chart. If the trade is stopped out and the futures close beneath the red line, that would imply more jeopardy down to as low as D=20.08. _______UPDATE (Nov 24, 8:59 p.m.): Silver has bounced nicely from just below 23.10. If you did the trade exactly as directed, using a ‘reverse rABC’ set-up with a=23.67, you could have cashed out at the red line for an $1100 profit shortly before 9:00 p.m. Only one subscriber reported getting long near the 23.10 pivot as suggested, so I have not established a tracking position. If you simply bought there with a tight stop-loss, you’d be up around $1300 now, presumably able to manage the trade without much stress. Here’s the chart.
SIZ20 – December Silver (Last:23.37)