I wouldnt want to be quite so fixed to the idea that there is a level correlation between spot silver and the silver miners. They have not correlated well in this rally from the bottom. The miners went ballistic while spot silver lagged. now will there be a closer correlation,it could, or who knows.
but its not equal enough to say that if silver miners would make another 50% retrace, as they often do, then that means spot silver falls back to 14?? .
Spot silver already made its pullback to the target zone at 15.85/16 area.
Maybe the miners will hold a more shallow pullback as spot silver tries to make another rally wave.
In this rally of 2016, spot silver peaked and made a wave 2 pullback already....while silver miners have barely begun to start the wave 2 pullback. the wave structures are not correlating well.
Maybe they capped spot silver ,while pumping up the silver miners.
16 dollars was a good dip to buy spot silver.
its becoming very tricky these days/this year.
I'd feel bad for folks who were lucky/skillful enough to buy alot of miners in January...if they suffer a huge collapse/short attack again soon, that takes away all these gains.
This rally in miners in 2016 has been a huge bubble pump,with no pullback yet. It could easily be a set up for the next short attack soon.
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