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A Look at the Likely Price Paths of $SLV


iShares Silver Trust (SLV) remains in the grasp of a high-level digestion pattern off of its Feb 11 high at 15.20.

The question is what path the conclusion of the corrective pattern will take?

The most bullish path argues for the conclusion of the 5-week pattern at or above 14.45/35, which will preserve the dominant Jan-Mar support line.

A second, less bullish path would argue for a break of 14.45/35 in route to the 14.00-13.80 area, here the next upturn should emerge.

At this juncture, much depends on the reaction of Gold and Silver to the Fed statement.

Right now, my sense is to add to or start a new position 14.45/35 if able, and again, at 14.00-13.90 if able-- but only if you are in it for the long haul-- for a move to 16.00-17.00 next.

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