SLV - A Little More Upside PossibleLast week I was looking for a test of the 14.80 recent high mark and still am however looking at different views, I see a possible move up to the 20-week moving average based on the following observations.
SLV appears to be in an A-B-C corrective phase with the A wave running from 17.28 down to 11.62 in three obvious waves.
SLV had some trouble on Friday staying around 14.60 and dropped down to 14.44 to close the week. The 50% retracement of the A wave is right here at 14.45. Perhaps not a bad place to sell. But it's possible that the current B wave up structure might run up to the .618 Fibonacci retracement level and that could also be meeting with a declining 20 week moving average.
The wave structure for the current B wave move shows 3 small waves up from the March 16 low to a minor a wave at 14.34 on April 6. Next came 3 small waves down to 13.92 on April 27. Thus far, we have but 1 wave up. If this B wave goes 3-3-3, then we could expect a small drop back and then a final move up to complete the B wave.
An interesting article explained how physical silver could be selling for around $10 premium while paper silver declines. I linked it below.
