The pattern shown in the chart is gnarly perfection, meaning not only that September Silver is likely to fall to at least D=24.04, but that it is just as likely to bounce precisely from it. We’ll plan on bottom-fishing there even though the trade could conceivably be out of sync with gold, which looks weaker. A ‘simulated’ rABC set-up can be used for this purpose, with a= 25.565 on the 60-minute chart at 10:00 p.m. on 8/3. I have added this coordinate to the chart, although you may need a magnifying glass to find it without zooming in on your own chart. Do not attempt the trade unless you understand it, and realize as well that it could trigger Sunday night — or not trigger at all if silver gaps below 24.04. ______ UPDATE (Aug 9, 9:26 p.m.): There are just two targets left for this blowout: 21.72 and 21,34, respectively. Here’s a chart that shows the provenance of both. Either or both warrant bottom-fishing with a small-degree ‘camouflage’ set-up. ______ UPDATE (Aug 11, 8:45 p.m.): I’ll be more receptive to the idea that bulls actually intend something if they can push this scow above the 24.39 ‘external’ peak recorded last Friday on the way down.
SIU21 – September Silver (Last:23.49)