Silver Chart -
I posted a 2H chart with fib extensions/retracements looking for confluence/cluster of fib lines. I also noticed recent moves with the descending . We had a reaction from the recent breaks of both sides. There is also what some traders refer to as a Pattern, although very small. If the is valid. We should see a 1.618 retrace from the previous bottom, = 18.205. I also published a chart several days ago with a possibility of a truncated 5th wave corrective failure. For a truncated failure to be true, the 3rd EW major corrective wave can not be penetrated (18.193). Not a lot of room if you take a look, and actually there's only a few pips difference.
After running the extensions there are several key meeting areas. First meeting is above the shelf (20.627) at 20.706. I expect very little if any retrace at this fib extensions. Next traget is the 22.139 which also has a fib cluster at the 6.618 extension. Our thrid target could come with our first significant retrace. Third target is meeting the 2.618 fib extension at 24.585. We could and most likely will retrace to 24.086 /2.414 fib line.
I would also like to add, if the low is breached, it would be a good idea to short the position. Great investors know when to cut-run and switch when they are the wrong side of a trade.
But I personally don't think we will see a lower low from this point, as SPX has a very strong weekly reversal, the fear of risk off is gone for now.
I'd be happy to see $18.50 though. I really would. The demand at $19 seemed like the real deal though.