As an update to the $Silver weekly chart posted over the weekend (link below), I’m posting this SLV weekly chart for a real-time view.  As mentioned previously – we were looking for a breakout of trendline resistance, which we have today.  Now I will be observing price action around the $17.20 area for $Silver, or about $16.30 for SLV.  This is the 61.8% retracement level of the recent downleg, which could still turn out to be the top of wave B of a larger, more complex A-B-C correction.

However, I agree with Fully – we’ve already seen a 50% retracement in $Silver, so I don’t see the drawn out correction scenario happening here, which would give the numb-headed, teeth-grinding, face-scratching, hair-pulling “gentlemen” still on the sidelines an even friendlier entry point – but then, I too am also biased!  😛

SLV Weekly

Should it turn out that we have indeed initiated impulse wave 3, here are the potential EWT PO’s for SLV, GLD & HUI, in a combo chart shoutout to Chartology-master Rambus:

SLV Weekly Combo

Silver: Weekly