Bears appear to be struggling, so I’ve raised the downside target to a less challenging level by lowering the point ‘A’ high. The new target is 16.96, but there is no compelling reason to think it is likely to be achieved. We won’t give up on it officially until such time as a rally exceeds C=21.02, but in the meantime consider the pattern spent for purposes of ‘mechanical’ set-ups, presumably on the sell side. _______ UPDATE (Oct 3, 6:38 p.m.): Today’s sharp upthrust has brightened the outlook for at least the near term. The bullish reverse pattern shown here is a visual oddity, but price action over the last three weeks at p=20.08 implies that the 22.615 rally target is all but certain to be achieved — probably precisely enough to warrant shorting there.
SIZ22 – December Silver (Last:19.04)
