SLV: A Well-Timed Heads-Up in Early May

by Mike Paulenoff
May 19, 2024 • 11:07 AM EDT
During the pre-market hours of May 8th, 2024, this is what I posted about SLV (iShares Silver Trust) to our members at MPTrader.com:
Time to focus on Silver (SLV) again for the initiation of a new upleg after the completion of a three-week pullback right to a successful test of 12-month support (see my attached charts), followed by an upside pivot reversal that has the right look of a resumption of the bull phase from October 2023. My 4-Hour setup work argues that SLV needs to climb and sustain above 25.15/35 to confirm the turn, while my Daily work shows the 4-year Big Picture setup that projects to a test of the Feb. 2021 high at 28.00. Finally, the attached seasonal chart of Gold (using 30 years of data) suggests that if this year is reasonably similar to the propensity of a directional move higher during the middle two weeks of May (since 1993), Gold and Silver should benefit from strong seasonal tailwinds into the May 21-24 timeframe... Last in SLV is 24.92...
Over the subsequent 10 days and 5 updates, SLV ripped higher, hitting an 11-year new high at 28.87, a full 16% above the price SLV was trading when I originally posted the heads-up to MPtrader members. My attached near and intermediate-term charts of SLV suggest strongly that the upleg my work anticipated and recognized on May 8th still has some unfinished business on the upside.
Join me this week for our ongoing analysis and discussions with MPTrader members about the prospects for SLV to climb to my next optimal target of 30-32, possibly en route to a vertical assault on SLV's 2011 high above 48!
Also, please join us for my technical set-up work ahead of high-profile earnings reports from PANW, M, LOW, TOL, TGT, and NVDA...


Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On February 18, 2025, this is what I posted on MPTrader about KWEB (Chinese Internet ETF) that alerted traders to a potentially explosive setup that should keep KWEB on our radar screens going forward :My attached Daily Chart shows that KWEB is attempting to emerge from a huge, three-year rounded base-accumulation setup that projects much higher prices as the price structure climbs the "recovery wall of worry" in the aftermath of the relentless bear phase from the February 2021 ATH at 104.
On July 29, 2025, this is what we discussed about TEVA (Teva Pharma), accompanied by my then-current 4-Hour Chart, just ahead of Earnings:My attached 4-Hour Chart setup argues that TEVA is poised for upside continuation of its April-May advance (12.47 to 18.67) EITHER right from current levels in reaction to a positive Earnings Report tomorrow morning, OR into a BTD bout of weakness into the 14.85-15.55 target support window.
On the morning of August 6th, I posted the chart below after seeing Fundstrat's Tom Lee discuss his CEO position in BMNR (BitMine Immersion Technologies), and the fact that BMNR was accumulating a large cache of Ethereum (ETH) that will serve as an ETH Treasury holding similar to the Bitcoin model used by Microstrategy's Michael Saylor. At the time, BNMR had climbed from 31.85 to 33.70, which piqued my attention technically:"BNMR ... once again is putting upward pressure on the 34.
Nearly two months ago, I posted my technical setup on TMO (Thermo Fisher Scientific, Inc.) to alert MPTrader members to a potentially significant upside reversal pattern. Here is my commentary from June 3, 2025:My attached Big Picture Daily Chart shows the major bear phase from the 9/10/24 ATH at 627.88 to last week's (5/23/25) low at 390.66 (-38%). Most interestingly, all of the price action from the 4/09/25 low at 409.
Every person on the planet is now aware that early on Saturday night, June 21st, 2025, the U.S. military attacked and severely damaged (destroyed?) Iran's nuclear sites and presumably their ability to produce nuclear materials needed to create a WMD.