Loading ...Rick’s Pick for Thursday—[click to enlarge chart]
$SIK17 – May Silver (Last:18.150)
Posted Tuesday, April 20, at 12:16 p.m. ET
May Silver is correcting a rally to an 18.665 target that took ten weeks to reach, so we should expect the futures to take more than a few days to recoup their strength. If not and they come bounding back to make new recovery highs this week or early next, that would bolster the odds that bulls are bound for the 22.644 target introduced here yesterday. In the meantime, we can use the pattern shown to project a 17.775 target for the retracement. If the futures instead were to turn higher without having gone below the 18.070 midpoint Hidden Pivot, and then rally to exceed 18.365, that would be extremely bullish. I’ve sketched this hypothetically on the chart