SIH10

Correction targets for March Silver equivalent to the ones I've provided for February Gold lie, respectively, at 16.450; or if any lower, at 16.390.  Bulls could turn things around decisively, however, and send bears into a short-squeeze panic, with a print today at 18.055.

A Hidden Pivot target at 17.015 went unachieved yesterday when March Silver got hung up in what will likely prove to be a distribution zone.  That number would be a buy with a tight stop-loss; otherwise, a print exceeding 18.050 would be needed to turn the hourly chart unambiguously bullish.

Silver's bullish impulse leg on the hourly chart is similar to Gold's and portends a rally over the near term to at least 18.650, provided its sibling midpoint at 18.405 can be overcome. If the futures get past it easily, that would suggest that the finishing stroke to the higher number will be unlabored as well.   Please note that it will take only 18.590 to refresh the bullish impulse on the hourly chart.

Silver was under more aggressive selling than Gold Sunday night and looked bound for a minimum 18.040, a Hidden Pivot (HP) that you can bottom-fish with an 18.045 bid and a stop-loss of at least 3-4 ticks. If the stop is hit, though, expect the weakness to persist down to 17.895, an HP where you could try again.

Yesterday's spike brought more visual symmetry to a pattern that projects to 19.625 (18.670 midpoint).  It's a compelling picture, and so we should expect the futures to pause for at least a day when they reach the target. If they blow past it in an hour instead, we should infer that bulls have a test of the $20 threshold in mind -- and that they are likely to prevail.

A very minor rally pattern projected to 18.635 Monday night, but if the futures can eke out just a tad more altitude, surpassing a prior peak at 18.700 from last week, they'd be signaling the likely start of a new bullish phase.   The midpoint resistance of the minor pattern lies at 18.545, and it has yet to be surpassed, but once above it the futures would become an odds-on bet to cover the remaining nine cents to the target. _______ UPDATE (3:25 p.m. EST):  Silver exploded past the resistance pivots noted above, peaking at 19.300 before the tide receded to around 19.130.