Silver could get off easier than gold if the 24.33 target shown is the worst that sellers can do in this presumably minor bear cycle. There’s even a chance the turn could come from 25.47, a secondary pivot that can be used for bottom-fishing with a ‘camouflage’ setup. In practice, this would entail drawing a conventional abc pattern on a chart of lesser degree to trigger the trade once the July contract has touched 25.47. I’ll also mention that, according to the tenets of ‘Matt’s Curse,’ if the futures turn from within an inch of p2, the reaction rally has a good chance of exceeding C=28.90 of the bearish pattern.
SIN21 – July Silver (Last:25.84)