6:27 a.m. PST.

Silver is starting to look really really bullish this morning. I have written that if SLV closes above 16.23, I would become a lot more bullish on the metals and mining stocks. A close above 16.23 will create a bullish wave overlap in Elliot Wave terms which means that either the bottom is in for the metals or the next wave down is going to be even more severe than the drop from 17.87 to 15.34. SLV has had a series of overlapping waves since its August top that look more corrective than impulsive.

I love how this morning the pop higher stopped just shy of 16.23 by .01. Just amazing how traders seem to know there is some importance with 16.23. Well at least in my mind. 🙂