Silver (SLV) has formed a little inverted Head & Shoulders pattern with a measurement to around 23.25 that would fill the gap (down) in May at 23.16. If it plays out it would bring the silver price to approximately 25.60 (current price: 24.03).
RSI has ticked positive and MACD is negative but triggered up. Gaps represent emotion and closing out the one in SLV would close out whatever event, jawbone or Fed hawk fear drove silver down. Then silver would need to make a higher high to May to clearly call the correction over and the next leg of the bull phase on. As with GDX, I’d prefer a downside gap fill of the March lift off, but the market is going to decide. I just wanted to provide a little short-term perspective with this chart.
SLV can do some serious bouncing before definitively ending the correction. If we see some volume come in that would be helpful to the bull case.
 The little pattern is not activated. I should have explicitly noted that. It would be activated if it takes out the neckline (not drawn in here), which would happen if it takes out the previous high (it pulled back a bit from the neckline after this update).