The corrective pattern shown may look too obvious to work well for trading purposes, but it nonetheless has technical perfection going for it: a perky little one-off ‘A’ high, three single-bar coordinates, and Hidden Pivot levels located smack dab in the Nowheresville of other traders’ charts. That implies it will likely work for ‘mechanical’ shorts, timely trend-strength assessments and precisely located bids against the trend. Most immediately, we will be looking for more slippage to p=23.73, at least. Our trek through the woods over the next week promises to be easy and rewarding, so stay tuned to the chat room if silver is your bag. _______ UPDATE (Feb 28, 9:02 a.m.): Here’s the new pattern generated by this morning’s bull-trap stab higher. It too should work nicely for all purposes. _______ UPDATE (Mar 1, 11:59 p.m.): The decisive move through p on first contact implies the odds of a continuation to at least 26.46 are very good. A pullback to x=25.52 would trigger an appealing ‘mechanical’ buy, but I’d suggest doing so with a ‘camo’ set-up, since the implied entry risk on four contracts would be around $33,000. Nudge me in the chat room at the appropriate time and I’ll be happy to provide more-detailed guidance. [Here’s the chart, which I prepared last night but somehow neglected to include.]
SIK22 – May Silver (Last:25.28)
