More pain is coming, since the July 15 low at 18.17 generated the first impulse leg we’ve seen on the weekly chart since this interminable correction began exactly a year ago. The low breached the distant, look-to-the-left external from last June by only a hair, but that’s enough to allow the presumption that the C-D follow-through leg will have its way. It should reach p=18.53 at least, a midpoint Hidden Pivot that can be bottom-fished with the usual precautions. But if the support gets splattered, look for more downside to p2=17.37, or even D=16.22 in the Sep-Oct period.
SIU22 – Sep Silver (Last:19.17)
