What to look for when silver's price corrects soon

Silver, like some other precious metals (see my earlier post here today) looks like forming a cresting pattern so the big question is what will it mean when it corrects. The first place to look for support will be $28, then $25 if lower is needed. There are some pushing the theory that silver is topping out in a much bigger way. I did check long-term Fibonacci levels, and the $31 area it's testing currently is a retracement in the area of 62%/70.7% back to the prior high approximately $41.50 several decades ago. That helps confirm that the price is likely to correct. But the very big picture in precious metals suggests that they'll remain bullish through perhaps 2020. Therefore, we'll watch the correction levels and favor dip-buying opportunities for long-term swing positions. That is, unless silver doesn't even get support at $25. If the prices, volumes and indicators show that the top is really that significant, then we'll certainly revisit. Otherwise, we'll first look for support at these levels.

After my monthly chart, below, is Tony Caldaro's weekly chart of silver (thanks again Tony!).