Silver - this is a textbook corrective rally

I see too many folks getting uber bullish on metals. Many people believe that gold will keep rallying to the moon and silver is going to outperform gold.

However, if you look at the Daily chart of silver below you can see that this rally can be counted as a corrective countertrend rally in wave B up setting up another drop to a new lower low in wave C of 5 down. As long as silver holds under 16.462, a top made in February 2019 that would be my primary scenario.

Silver - daily chart updated on 7/18/2019

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