The chart summarizes various scenarios for Silver that can be inferred from the Hidden Pivot Method. I’ve previously identified the 103.215 target, a major ‘hidden’ resistance that could conceivably cap the steep bull cycle begun from around $50 in late November. But first, the current correction is likely to come down to at least 84.645, the ‘d’ target of the rABC pattern shown. If the slide continues, prepare for a further retracement to as low as 80.285, the ‘d’ target of a larger rABC pattern that goes back to the minor peak recorded at 82.76o on December 29. A renewed upthrust could ensue from either number, and its strength presumably would be easy to gauge based on price action at midpoint Hidden Pivots of varying degree. Two further possibilities are suggested: a runaway bull market, which is what the trend would become above 103.215; or a possible nascent bear market after a breakdown beneath d=80.285. The targets mentioned above should be considered as pre-empting any identified earlier. _______ UPDATE (Jan 19, 1:07 a.m.): Silver did its rude thing again Sunday night, blasting off to new highs while bulls and short-covering bears waited in vain for a smash to produce some bargains. Now it’s on its way to at least 96.470, another downpayment on our ripening target at 103.215.
SIH26 – March Silver (Last:93.245)
