Loading ...Rick’s Pick for Wednesday
SIU17 – Sep Silver (Last:16.475)
Updated Tuesday, July 25, at 5:16 p.m. ET
Just an inch higher and September Silver will trip a theoretical buy signal at 16.663. This isn’t a trade we’ll want to jump on, however, since there’s a so-far mild undertow that eventually could pull the futures below $15 again, presumably to create a more durable bottom. The most logical place for this to occur would be at 14.165, the ‘d’ target of a corrective abc pattern originating back in September at 20.145. If buyers should instead push this vehicle above 17.745 first, I’d infer the danger was past.