Like gold, silver did not reach a Hidden Pivot target on the last selloff, and so I’ve chosen to display a mildly bullish ‘reverse’ pattern to determine where the futures are likely to head next. Use the 22.71 target as a minimum upside projection for the near term. If it is easily exceeded, we can shift our sights up to the 23.94 ‘D’ target of a larger reverse pattern. It can be located by placing the ‘a’ coordinate on the 23.93 low recorded on February 24. That number looks likely to stymie bulls, but a decisive move through it would be the most positive sign we’ve seen in silver since February.
SIN22 – July Silver (Last:22.13)