Increasingly, my composite technical work in silver and the iShares Silver Trust ETF (NYSE: SLV) is telling me that the decline from 43.08 to 37.92 since Monday is a completed down-leg within a larger, complex corrective period -- or in and of itself a totally completed correction.

I don't know which yet, but in either scenario the current rally should have higher to climb -- into the 40.30/70 area. At that point we will have to make a determination as to whether it is a new up-leg or an intervening rally that separates two corrective periods.

For the time being, the SLV is acting well.

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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