Unlike gold, silver did not finish the week with a showy thrust. However, since the former’s move was decisively bullish on the intraday charts, we’ll give all bullion vehicles the benefit of the doubt for now. Use the 26.48 target shown as an upside objective, but be careful near p2=25.21, since secondary pivots can be a show-stopper for under-powered rallies. The ‘reverse’ pattern I’ve drawn should work for ‘mechanical’ set-ups, implying that a pullback to x=22.68 would be a ‘buy’, stop 21.40. Theoretical risk on entry is $6400 per contract, so the trade is suggested only for those who can cut it down to perhaps $300 with a ‘camouflage’ set-up on the very lesser charts. _____ UPDATE (Nov 10, 11:04 p.m.): A fearsome spike pushed the futures to within less than half a penny of the 25.21 Hidden Pivot I’d flagged as a possible danger spot. Some subscribers reported using the 60-cent pullback that followed to leverage short positions initiated at the top. If and when a new burst of energy trashes p2, we can train our sights on the 26.48 target given above.
SIZ21 – December Silver (Last:24.80)