Sharpie last posted "Well the retrace morphed into a complex wave, I still see it as a Wave ii retrace even though it is a penny less than 21.27. Can only be confirmed by Wave iii action today, Will take a bit of time to work through the minor i ii s to see that action if it comes. Would need to test 23.00 area and that is an extreme day's move, above 22.43, especially with a close above 22.43 would be Bullish engulfing. It is a bit amazing SLW price didn't go lower with silver down to 19.13 ! I believe 21.26 / 21.27 is holding because of the support of Wave 1 back on 12 / 10 / 2013 Less"
Yes, it can be a Wave 2. Wave 2's can retrace 100% which this did (discard the .01 below). My first chart from 21.27 (on Tuesday 01-28-14) shows that we completed the 5 Wave up at 22.43 (chart showed 22.41). We have possibly just finished the W2 correction and are possibly working on the W3 up.
However, we may be working on the larger Wave 2 from the 20.33 - 23.09 and the remaining two retrace points are 20.81 / 20.92 (78.6) or 20.33 (100%). SLW is acting very strong considering the Silver price drop this morning. I think that the 20.81 / 20.92 would be as far down as we retrace if indeed we head there.
20.81 / 20.92 enters Wave One quite a bit ?? Still thinking 21.27 is a wave iv of III, III up near 24.00 then another run down near 21.32 for wave IV, Reducing my expectation for V = I of 3 to about 26.21