SIZ22 – December Silver (Last:18.68)

I’d hoped December Silver would bullishly trash the ‘mechanical’ short signaled on October 4, when the futures spiked to the green line, x=21.31 (see inset). Unfortunately, the signal proved to be a good one, foreshadowing this vehicle’s punitive relapse toward a 16.84 downside target that has been in play since June 13, when the futures were trading for around 21.30. The pattern is gnarly enough to use for bottom-fishing, notwithstanding the possibility that my advertising it here will diminish its usefulness. _______ UPDATE (Oct 17, 9:10 p.m.): A relentless, ratcheting rally has generated a bullish impulse leg on the intraday charts. It was/is tradable with a bullish bias, but if you’re keen on knowing when this rally turns real, set an alert at 19.295, just above a challenging peak recorded last Thursday on the way down.