SLV may see a lower low, but any pullback is a buying opportunity with a longer-term target of at least 97.
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Let's look at silver. Silver is the one chart that out of the three that I'm tracking that really is much more strongly suggestive of a potential lower low. Why is that? Well, we haven't even gotten to the 236 retracement of the prior decline.
Now, we know that silver loves to catch up at the end of the cycle, whatever cycle that it's dealing dealing with. So, it is possible that we could get a corrective pullback and then get a nice big C wave rally back towards the highs.
That's very It's really very reasonable perspective.
But because silver only rallied to the 236 retracement, I think silver has the best chance to get lower lows out of the three charts we're tracking. This one is one that I actually bought some protective puts with because of the potential for lower lows.
Now, it could be a marginal lower low. I can't tell you. Remember, my ideal target on this was 5350 and I I we came up about a buck or a buck and a yeah, we came in about a buck and a half short of that. 5350 maybe all we get.
I don't know, but it could get even deeper as deep as 40. I don't know. That's what I still don't know.
But I would say that this really looks like the best potential for a lower low out of the free charge we're looking at and it doesn't not necessarily mean we're going to get that.
But I would say pullbacks are buying opportunities from the bigger perspective because I think you're going to get back to at least 97 region silver.
What this channel has said about $SLV
ElliottWaveTrader has only this one call on this stock.