Silver spent a second consecutive week confounding bulls and bears alike, apparently in no hurry to resolve the bullish pattern shown. It nearly got negated by a phony swoon last Thursday evening, but the selling stopped just shy of the pattern’s point ‘C’ low at 25.93. The shortfall will task bears when the new week begins, since the spike rebound generated a modest impulse leg on the hourly chart. The midpoint pivot at 28.66 can serve for now as a minimum upside objective, but it’ll take a two-day close above it to imply that a finishing stroke to D=31.39 is likely. _______ UPDATE (Feb 24, 7:03 p.m. EST): Price action has been quite tedious, albeit within the context of a bullish channel in a bull market. Strip out the gratuitous Reddit/Robinhoodie spasm from three weeks ago and it grows even more tedious. The pattern projects to 31.39, as noted above, but the target won’t be a “go” until such time as p=28.66 has been decisively exceeded. Note: “Reading” price action at the midpoint Hidden Pivot is a key feature of my system. We can trade in and out of silver all day long, lowering the cost basis over time, but I’d prefer to do it with HP tactics that lower the entry risk to perhaps $150-$200 per contract rather than the $1000 that’s possible when SI swings $2, as it has already done once in the C-D leg begun on 2/4.
SIH21 – March Silver (Last:28.00)