Silver Looks Primed For Another Dive

We’ve been using a downside target of 16.350, but if support at that Hidden Pivot fails, we’d be looking at more slippage to at least 16.165 over the near term. That’s the midpoint Hidden Pivot support of the pattern shown, and as you can see, a decisive breach would put a target at 15.095 in play.

Alternatively, nothing less than a rally above Thursday’s 17.080 high over the next day or two will suffice to turn things around for bulls. That’s not much of a rally, but considering Silver’s weakness lately, it’s a daunting requirement. FYI, the futures on Friday became a ‘mechanical’ short in theory from 16.70, stop 17.240. However, if the implied initial risk of $1200 per contract is too scary, consider a ‘camouflage’ entry on the five minute chart or less. Tune to the chat room for guidance in real time on this.