Rallies from midway between p2 and D in patterns as obvious as this one usually go further than we tend to imagine initially. Keep in mind, though, that if they reach the green line — in this case x=21.310 — that would trigger a ‘mechanical’ short with excellent odds of producing a profit. We’ll go with the flow in any case, which means that the 16.84o downside target will remain our minimum, short-term downside objective unless last week’s modest bounce exceeds the ‘external’ peak at 18.80 recorded August 16 on the way down. _____ UPDATE (Sep 12, 10:17 p.m.): Today’s lunatic leap has energized the bullish case while demoting the use of x=21.31 to get ‘short’ mechanically. I’m in wait-and-see mode, waiting for a sign of whether the rally is for real. ______ UPDATE (Sep 15, 4:19 p.m.): The ‘mechanical’ short is viable in theory, but I’m going to pass it up. A close above x=21.31 would hint that the really IS for real.
SIZ22 – December Silver (Last:19.18)