Here is my take on Silver’s bullish 5-wave structure to date.

Note that corrective wave 2 does not necessarily have to be an extended, complex sideways correction.  It could also be a “sharp” one-time “a-b-c” correction, which would mean Silver has already finished a complete 8-wave cycle and is now embarking on impulsive wave-3…with a 1.618 extension target of $24.14 and 2.618 extension target (not shown) of $29.30.

But first Silver will need to breakout above trendline resistance (red line).  Then I will be observing price action around the $17.20 level, and then a breakout to new highs…

I welcome any constructive comments from any EWT aficionados out there…

Silver Weekly