I think it is possible the SLV ETF may have topped today. If not today then it has a high probability of topping tomorrow if it happens to trade between 47 and 50 range. Anything between 47 and 50 tomorrow, if it occurs, would be ideal selling juncture if entry was much lower. That is my take right now on the SLV ETF.
Even if a correction starts from 47 or slightly higher, I still think there could be another thrust higher that is slightly higher from current levels.
I still think the silver price could initially exceed 50, before correcting back under it. So that could mean that if we do start to correct tomorrow or this week, then it could lead to one more move up into above 50 range, perhaps to 60 before finally falling down to more significant levels.
It certainly does have the look of the reversal that many have been waiting for. I bought a lot of silver bullion some time ago and have sold some off at the $40 and $45 levels. My intention would have been to sell at $50 and wait for a pull back. Unfortunately as I was afraid of, the reversal occurred early in the morning PST so by the time the coin dealers opened it had already lost several dollars from the high. It has since moved down further in the futures after market. Just hoping that it will be a 1-3 day correction to shake out late buyers. Would not want to see it drop below $40 as I would be tempted to sell more.
Yes well it will be interesting. Nothing goes up in a straight line and Silver is famous for being volatile. At a minimum silver needs a few down days to work off the current overbought condition.