Silver Bullish Wolfe Wave Target 34.50

BATS:SLV   iShares Silver Trust
I dug around some charts this morning and found this gem of a pattern. The bullish Wolfe Wave harmonic pattern . As you can see everything lines up perfectly. Fib lines meet just as they are supposed to, Wave 3 1.27 and Wave 5 1.618 fib. The channel is obviously bearish and all indicators suggest the bearish trend is coming to an end. It is possible however, to have a slight leg down to the 27.13/28.34 level before the breakout occurs. I have traced the measured breakout to 34.50/34.60 Silver price, or just under 34.00 for SLV .

Below, I posted an alternative Wolfe Wave chart with 1.27 and 1.618 2-3 fib retrace. Thank you @knock for the helpful suggestion.

Here is more information about the Wolfe Wave

The Wolfe Wave's Psychology
Bill Wolfe suggests that the wolf wave is a naturally occurring harmonic pattern , found in all financial charts, all of the time. This suggests that there's no psychology behind it. If you want to get to grips with the psychological mindset of the market, then other technical analysis will have to be utilised. For instance the use of volume , support & resistance and price action may be useful in understanding the market's psychological state. Of course, Bill Wolfe and his disciples would be against the use of additional indicators, as Wolfe suggests that the Wolfe Wave stands alone in it's methodology. The choice is yours...

The key points of The Wolfe Wave
Below I've listed the key points traders look for when identifying the pattern, developing it and eventually playing it

*A channel is formed by waves 1 to 3 - points 1, 2, 3 & 4
*There should be regular timing intervals between waves (showing symmetry).
*Waves 3 and 5 are usually 127% and 162% Fibonacci extensions of the previous channel point.
*Point 5 is a move slightly outside the channel - A channel created by points 1 to 4. This move is usually a false price breakout. It's best to enter a market once price moves back within the channel (The false move doesn't always happen).
*The point after wave 5 is the target level. The target price is found by connecting points 1 and 4 and extending it. By using symmetry we can pin point this target.
*A rising channel will form a bearish Wolfe wave , i.e support will be broken to achieve target at 6 (PRZ).
*A falling channel will form a bullish Wolfe wave breaking upper resistance to achieve a bullish target at point 6 (PRZ).
*Horizontal channels during consolidation periods mean the break can go either way.