Silver Break-Out?

When we look at the 8 min and 144 min charts in silver, we have to remember we are dealing with multiple wave degrees within this potential rally.  So, let me break down the important points.

For the very small degree, we now need to stay over the blue box on the 8-minute chart, as it is now our support.  This rally can fail if we break back below that box.  So, for now, that is the smaller degree support for this rally to continue.

Now, while I have wave (3) on the 8 minute chart in the 33.50 region, I will note that this is a STANDARD extension for wave (3).  If silver does get moving in this pattern, then it likely should well exceed that, and ideally carry us to at least the wave [3] ideal target in the higher degree wave count in the 36 region.

So, as long as we hold the 8 minute support box, I am looking to break out over the 144-minute pivot box.  And, once we do that, that will be our new support. 

Therefore, we will take this one step at a time.  And, I strongly urge you to remember those wise words of Jesse Livermore that I have published many times in prior updates, and just watch how the market handles support.  As long as supports hold on pullbacks, we will continue looking higher and raising our supports.