It's been decades since I traded futures contracts since they were long ago replaced by very liquid and tradable ETF's with just as tradable and very well leveraged options. However, I do remember how futures contracts did have a tendency to track Elliott Wave structure with at least as good if not better tracking accuracy as the underlying assets and indices. Taking another look at Silver, using the Silver Futures price structure, we can see just as bullish a set up and low and behold, Silver Futures is at a key breakout level at $30. Silver Futures This morning the Silver futures contract touched $30.10, then fell back under $30.00 on a first test. If it can break solidly above $30.00 it will be forecasting a straight shot to $34-38 in a matter of weeks. I'll be monitoring price closely in the days ahead with an intent to add to the SLV call position, currently looking at SLV Jul 19th $27C. Note below how our May 9th SLV Jun calls were up as much as 80% from entry (one week ago) earlier this morning before edging back slightly during the session. As usual, look for morning Special Alert in the PRO Service for any new trades. SLV Jul 19th $27C Current PRO Position
