Rally Phase for Silver

Since yesterday morning's pivot low at 24.44, right off of the Aug-Nov up trendline, the iShares Silver Trust (NYSE: SLV) has climbed to 25.33 (+3.6% so far), in what looks like the initiation of either of two scenarios.  One would be a recovery or intervening upleg within a larger corrective, or digestion, period.

The other would be the start of a new bull leg within the ongoing bull phase that will propel the SLV to new highs well above 28.72.

In either scenario, yesterday's pivot low at 24.44 ended a 15% corrective leg and started a rally phase that has a minimum upside target zone of 25.90-26.20 in the hours/days ahead.