Here is a projection of the bull trading channel for silver.
The price projection is the minimum set by the successful breakout from the symmetrical triangle.
The channel boundaries may help us to determine the dimensions of the range if silver begins to get overbought, or starts correcting.
In the event of a major selloff in stocks I would expect silver to correct accordingly.
Someone asked for a 'longer term projection' and by this I think they meant a forecast. There is no clear active formation on the chart that allows me to do this for silver as there is for gold.
I hope this chart makes my projections of support and resistance more clear. I do not think it is appropriate to go back further in extending trendlines because this leg of the silver bull market started after the last big sell off.
One can speculate on a possible inverse H&S that has yet to become active with a break of the neckline. There is also a potential rising wedge. If putting out target numbers means something to you, here they are. Personally I think silver will set a new all time nominal high, and then some before this is all over. But as a trader I like to watch the market for the intermediate term, and just throw my long term positions in a drawer and forget about them while the bull market is still intact. No one knows what will happen in the futures, and the further out one gets, the more these things are just lines on a piece of paper.
If you lose your position in a bull market it takes extraordinary will, self control, and objective judgement to be able to buy back in successfully. There was nothing wrong with trading this big correction. I did with some degree of success. But most people do not have the ability to do this, to sell strength and buy weakness, and end up on the sidelines, jeering sour grapes trying to get others out of their own positions. Misery loves company. Better to take some position and hold it for the duration of the bull market, that duration being defined by both technical and fundamental considerations. And because of exogenous uncertainty one ought never to 'bet the farm' or 'put all their eggs in one basket.'
