The chart shows two bearish patterns at work in Silver,.The larger is a conventioanl ABC with a D target at 44.50, a 42% fall from here. I doubt it will be reached, however, because of bears’ failure to overwhelm the midpoint support at 68.13. The implication is that a decline to 56.32, if it gets that far, would offer an excellent buying opportunity. The smaller pattern says bears won’t even get that far — that the correction begun from the Jan 29 high at 121.78 will end at d=69.34. Together with the midpoint support at 68.13, the two Hidden Pivots will present a formidable challenge to bears. Be ready to bid aggressively there if the chance arises.
SIH26 – March Silver (Last:77.27)
