Interesting to observe how SLV has reversed right at two important support areas, the 61.8% fib retracement level of the rally off the July low, and the bottom rail of the (light blue) Andrew’s Pitchfork – both of which indicate that the bottom is in for Silver, and that the recent pullback still remains part of a subwave (2) consolidation within a larger wave 3 higher, rather than a move to a lower low beyond the July bottom to seek out primary wave 2.

Of course, we are talking “probabilities” here, as always.  And even if I am right, that wouldn’t preclude additional consolidation as this presumed subwave (2) could still morph into a more complex consolidation pattern.

See also, my post from this past Friday 10/6/17:

Silver (SLV)