Silver bulls shouldn’t give the seemingly nasty selloff of the last two weeks a second thought, since it is correcting an impulse leg that surpassed no fewer than three significant peaks on the weekly chart, including a bad-ass ‘external’ at 26.87 recorded last July. In fact, even a selloff into the low $20s would not much change the bullish look of the long-term chart. It allows for a minimum projection of 34.74 and a maximum 40.12 (A=11.64 on 3/20.20). That last target has been validated theoretical with the print through x=26.08 two weeks ago. Here’s a bullish pattern to guide you this week with Monday’s action included. _______ UPDATE (Mar 24, 1:10 a.m.): Here’s another bullish pattern, since Monday’s low wrecked the previous one. It is not very impressive. _____ UPDATE (Mar 24, 11:01 p.m.): Buyers turned on the turboboost, all but clinching more upside to p=26.34, shown here. An easy push past it would shift our gaze up to D=28.13.
SIK22 – May Silver (Last:25.97)
