December Silver triggered a buy signal on October 8 that is still valid. It allows us the presumption that the futures will reach a minimum 28.215, where the midpoint Hidden Pivot is located. Those of you who trade silver will have observed that having a precise target and high confidence that it eventually will be reached is not necessarily an easy ticket to profits. Even now, in the throes of a solid uptrend, being long would have required diligent attention to the intraday charts and to the low-risk rABC setups they allow. It will become easier if Silver blows past p=28.215, since that would turn the chart bullish to enough to put a 34.62 target in play. However, although uncertainties thereupon would melt away, competition from the many who will have become quite bullish would begin to alter Silver’s behavior in diabolical ways. ______ UPDATE (Nov 9, 6:43 p.m. ET): The plunge was not as bad as gold’s and did no damage to the bullish pattern noted above and its 28.215 target. In fact, the selloff may actually have killed off some of that bullish competition I’d mentioned.
SIZ20 – December Silver (Last:24.22)