Silver’s interminable dirge might not reverse until it falls to 19.20, the ‘D’ target of the pattern shown. Although it’s possible the turn could come from as high as p2=20.23, that seems unlikely because of the relentless downward ratcheting that has characterized this mini-bear move. Initial price action at p=21.27 suggests that if and when the July contract comes down to 19.20, it will be possible to bottom-fish there with a very tight stop-loss. ‘Mechanical’ shorting opportunities may materialize in the meantime, but so far none of the rallies has been strong enough to set up the trade.
SIN22 – July Silver (Last:21.125)