I believe we are currently correcting the first impulse of a new cycle. I will therefore be looking to add to my long term long positions. Price is closing in on the '16' area which might trigger the reversal. However it is too soon to tell whether the whole consolidation is already over or whether we only saw the first corrective leg by means of a wave 'A'.
updates will follow
'I like to see a deeper retrace but the impulse higher that will come is what you don't want to miss.
The reason why I like to see a deeper retrace is because as long as we don't do that the next bullish move might just be the final leg of the current structure counted as wave A on daily chart.'
Back to Silver: If we break this structure (take out your stop loss) then we have a strong confirmation that the first leg is over. And a reversal from there will boost the probability that a new impulse is about to start. I would personally not use a pending order with a stop that is not below the low of 13.60, this is also based on the characteristics of Silver.
Good luck with your trade and buying is what we should be focused on medium and longer term. Thanks for sharing!