Silver Wheaton (SLW) plunged beneath yesterday's low at 43.38 to 43.19 this morning, but did not follow through to the downside. Instead, it has pivoted to the upside into a strong rally to 44.73 so far.

This is powerful initial evidence that the decline from yesterday's high at 46.00 into this morning's low at 43.19 (-6.2%) represented a completed correction within the current upleg from the 37.85 low on March 16.

A climb above 44.95 is needed to trigger a higher confidence signal that a new upleg in fact is in progress.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.