SLV

SLV has an interesting chart from an Harmonic/ Patterns perspective. A Break out of the Rectangle Bottom & Red angle Line would give 2 different Targets. The A,B,C.D Pattern would give a preliminary target of the 61.8% of B to D measurement, whereas the Rectangle Bottom would give implications of 23 %. I used the percentage for an Rectangle Bottom in an Bear Market for the move. A close above the RED horizontal Line at what I previously labeled wave -ii- would have to be Broken and a close above to turn this to Bullish. (from an Harmonic wave count perspective). The 23% projection ensures such a move, and a rectangle Bottom in a Bullish Market would imply a 45% move.

One should be patient and wait for the Break-out because a Break down of the Rectangle Bottom pattern and a Break down of the Harmonic Pattern could be very Bearish. ( and hurt!). The DMI and or the ADX is not favorable for a clear "buy" signal (yet).