iShares Silver Trust (SLVP)

Silver/USD (Daily Chart)

* Trend:Primary Uptrend Intact … Corrective Spring Structure Developing

* Major Resistance:121.64 (Wave 5 High)

* Key Structural Support:64.10

* Current Pivot Zone:87.19

* Timing Watch: Henka-Bi – March 17

Trend

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Wave (5) remains complete at 121.64, and silver continues to track a higher-degree ABC corrective structure following the powerful late-2025 impulse.

The rebound from the February lows has now completed Wave (B) beneath the retracement resistance zone.

Price is now transitioning into Wave (C).

However, the developing structure increasingly resembles a Wyckoff reaccumulation pattern rather than a simple bearish continuation.

In this interpretation:

Wave (A) created the automatic reaction after the blow-off top.

Wave (B) represents the range-building phase.

Wave (C) may act as a spring — a final shakeout before the next major bull leg.

The macro uptrend remains intact as long as 64.10 holds structurally.

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Recent Price Action

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Following the Wave (5) peak at 121.64, silver completed:

• A sharp Wave (A) liquidation into the low-70s

• A recovery rally reclaiming the Ichimoku structure

• A final Wave (B) rebound into the retracement resistance zone

Your updated chart shows:

• Rejection beneath the 92–95 resistance cluster

• Price rolling over toward the 87 pivot zone

• Volatility compressing ahead of the March 17 Henka-Bi timing window

This aligns well with the transition from B-wave completion into the early phase of Wave (C).

But importantly, the structure still resembles a reaccumulation range rather than a trend reversal.

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Interpretation

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The higher-degree corrective structure remains intact:

Wave (A): 121.64 → ~70

Wave (B): ~70 → ~92–95

Wave (C): now developing

Your chart marks the key fib projections for the potential Wave (C) leg:

Wave (C) = 0.618 → 60.83

Wave (C) = 1.000 → 38.85

However, the 60–65 zone aligns closely with another technical concept:

A Wyckoff Spring.

This is a temporary break beneath support designed to:

• Trigger panic selling

• Trap shorts

• Allow large players to accumulate liquidity

before launching the next major markup phase.

If silver briefly breaks the 64–70 support zone before reversing sharply higher, the move would fit the classic spring and reaccumulation pattern seen frequently in commodity bull markets.

In that scenario, Wave (C) and the spring shakeout may effectively be the same event.

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Technical Structure

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Major Resistance

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121.64 — Wave (5) peak

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Intermediate Resistance

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92.67 — 0.618 retracement

95.36 — B-wave extension zone

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Support

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87.19 — current pivot level

82.64 — NT support (cloud shelf)

70.00–72.00 — key structural support

64.10 — macro trend pivot

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Corrective Targets

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60.83 — Wave (C) 0.618 target

38.85 — full Wave (C) projection

The 60–65 region is the most important zone, as it represents both the Wave (C) projection and a potential Wyckoff spring.

As long as 64.10 ultimately holds, the macro bull structure remains intact.

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Timing

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The next key timing cluster is the Henka-Bi on March 17.

Henka-Bi events during corrective phases often mark:

• the start of Wave (C) acceleration

• or the spring reversal point

Possible scenarios:

If silver falls into March 17 → spring / pivot low possible

If silver stabilizes → timing window may trigger the breakdown

If volatility expands → C-wave may accelerate into the 60s

At present, the timing cluster sits directly inside the early stage of the corrective leg.

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Summary

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• Wave (5) remains complete at 121.64

• Silver is inside a higher-degree ABC correction

• Wave (B) completed near 92–95

• Wave (C) is now developing

• Henka-Bi March 17 sits inside the corrective timing window

• Key downside targets remain 60.83 and 38.85

• The 60–65 zone may form a Wyckoff spring

• 64.10 remains the macro line in the sand

The long-term bull structure remains intact.

But the correction may still produce one final shakeout move before the next major bullish impulse begins.

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