Since yesterday morning's pivot low at 24.44, right off of the Aug-Nov up trendline, the iShares Silver Trust (NYSE: SLV) has climbed to 25.33 (+3.6% so far), in what looks like the initiation of either of two scenarios. One would be a recovery or intervening upleg within a larger corrective, or digestion, period.

The other would be the start of a new bull leg within the ongoing bull phase that will propel the SLV to new highs well above 28.72.

In either scenario, yesterday's pivot low at 24.44 ended a 15% corrective leg and started a rally phase that has a minimum upside target zone of 25.90-26.20 in the hours/days ahead.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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