Increasingly, my pattern work in the iShares Silver Trust (SLV) is telling me that all of the action off of the Aug 22 recovery high at 42.30 through today's low at 39.21 is taking the form of a large coil that is positioned in the upper 40% of the entire advance from the May corrective low at 31.55.

If my pattern work proves accurate, then today's low should represent the latest coordinate in the coil -- and as such should not be violated if the integrity of the pattern is to be preserved.

Furthermore, if my pattern work is accurate, then the coil should be at or near completion prior to tomorrow's close, leaving the SLV poised for upside continuation that projects above 44.00.

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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