Pay no attention to the dotted price bars or the masked ABC coordinates, since my purpose was to obfuscate the textbook appeal of this bullish pattern. For in fact, December Silver triggered an enticing ‘buy’ signal last week at 62.66 (stop 55.59). This goes against the grain of my bearish analysis for gold (see above), but the wholesome appeal of the aforementioned signal was too strong to ignore. For the signal to be valid, the futures will need to rally to at least the red line, a midpoint hidden Pivot at 69.73. Belated entry should be attempted only by traders who know how to craft a risk-averse ‘camo’ trigger with the smallest visually available rABC possible. Obviously, a bullish outcome would put the optimistic scenario in play that I sketched in the latest gold tout. _______ UPDATE (Oct 9): A $1.50 swoon late in the week somewhat diminished the value of the bullish signal discussed above. The futures had recouped nearly all of it by the closing bell on Friday, but the damage was already done. However, for analytical purposes, we’ll continue to track the trade so that we can better assess silver’s prospects over the intermediate term.
SIZ26 – December Silver (Last:61.048)