Wow! Go SLV! My earlier post suggested SLV was on the precipice of another short term uptrend. That is in the can for sure and we are now looking at a bona-fide breakout! 28.70 awaits as the all time high and resistance. I have labelled the last few waves with numbers. Elliot Wave Theory says that waves follow a 5 beat sequence followed by a 3 beat reaction. Wave counts are open to interpretation and will often be different from one analyst to the next. I do not use EWT often, but I am always on the lookout for obvious wave structure. It appears SLV is exhibiting this structure. If I am correct, we are currently painting the 3rd wave within the current up trend, leaving one more relief wave followed by another higher high. This suggests to me that 28.70 will likely fall in fairly short order. The Elder Impulse chart is now painting a green bar and gives the green light for long trades. I chose to hold when the chart painted 2 blue bars last week which would normally indicate exit from long positions. I did this because I tempered the technical picture with fundamental analysis of silver that suggests accelerating physical shortages that will overwhelm the paper market.
My APR 30 calls are now up 68% and climbing. I am hoping for an even 100% profit from this trade and will sell half at that point.