July Silver caught a bounce from the 22.06 secondary Hidden Pivot last week, but that won’t save it from a further fall to the 21.205 target shown in the chart (inset). That much is clear from Wednesday’s crushing breach of p=22.91. The pattern looks too obvious to deliver a precise bounce, but a tradeable turn from very near the target seems unavoidable. So far, the ‘natural’ trigger interval on a reverse-pattern entry would be 25 cents, but we’ll look for alternative ways to get aboard (i.e., ‘camouflage’), since the implied entry risk on four contracts would be around $5,000.
SIN23 – July Silver (Last:22.35)