We talked about silver already back on August 02, when we mentioned and highlighted a higher degree wave IV correction that can push the price back to highs for wave V.
Silver actually bounced strongly in the 4-hour chart after we noticed a completed A-B-C correction in wave IV, so bulls for wave V can be back in the game, especially after metal broke above 29.22 bullish confirmation level in an impulsive five-wave fashion that can be first wave 1 of a five-wave bullish cycle. After it touched 30 area, we can see it slowing down, but we believe it's just a higher degree wave 2 correction before the bullish trend for wave 3 resumes. Ideal support is here around 28 area.
(Click on image to enlarge)
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