On the 2-hour chart, using the SLV etf proxy, Silver has broken out of a bullish falling wedge to the upside, after what appears to be an early morning shakeout.  Not sure the bottom is in for this cycle, but I’m placing fib-retacement grid at this morning’s low for SLV at $15.42 for now.

On a Japanese candlestick basis, Silver will print a “buy signal” if price remains at current levels into the close:

On the daily chart, SLV filled a longstanding gap today and reversed after reaching the 61.8% fib-retracement level.  Also note that today’s reversal falls exactly on the last day of the latest 55-day fib time-cycle which was initiated at the daily cycle low in March of this year.

Also, SLV has broken above sharply downward sloping (red) trendline resistance.  Whether we will see some follow through to the upside remains to be seen, but today appears to be an important reversal day – at least in the short term.