23.65 , gap fill ,seems to be the least this retrace will run down to. 21.13 , a possible wave I high being the most. 21.30 fills the lower gap. My favorite because of the visual support there is the 61.8 retracement near 22.60
There was a small gap at $20.42 Dec 31, 2013 that did not get filled until late May. I would imagine gaps do not have to fill, but if this recent gap at $23.65 does fill, it should fill in a matter of days and not take five months. It may be the best and last near term buying opportunity we get.
At safehaven punctuation commercial, Iriarte has a bearish EW analysis. Summary statement "Silver has now finished its barrier triangle, and the next movement should be a five wave structure downwards. I will use the channels on the hourly chart to indicate when this trend change has occurred." She is also pessimistic on gold and oil. She may be correct in her prediction, but I am not convinced. I am thinking a short term correction after the quick bounce we have had and then returning to an upward bias based primarily on more people realizing that the country cannot print its way to prosperity. Other thoughts?
Or continue rising to $26-27, maybe higher still. I feel that it is still undervalued because the pricing of silver and gold is based on a contrived myth that is now showing cracks in its facade.