SIF26 – Jan Silver (Last:56.71)

The 63.39 rally target is ambitious, considering we’ve yet to see how bulls handle the pattern’s midpoint Hidden Pivot resistance at 57.60.  It became a logical minimum objective two weeks ago, when the futures first popped through the green line (x=51.70).  The pattern is unusually elongated, but because of the rough visual symmetry between the two down-legs at either end, it winds up being the only ABCD configuration available on the weekly chart. Regardless of its quality, price action at p cannot but tell us whether bulls have the energy to power this vehicle to the target. Since the trend is so well-developed, however, jumping on and off will be difficult at best and should be managed using ‘camo’ (i.e., small-pattern) trade triggers in either direction.