Looking for a pullback in silver here.

After a very nice run up from $17.50, SLV has reached the top of what I believe to be the channel. While I think SLV is quite probably in a new bull market, nothing goes straight up or straight down.  It would be a rare and bullish thing for SLV to break though the top of the channel and run even harder from here without a breather.  Odds of that happening are low but you never know with silver given its market volatility.  Much more likely IMO is a pull back to the bottom of the channel to make sure that nobody is getting an easy ride of it and to shake off anyone who doesn't really have conviction (day traders).  Should this happen it would be a buying opportunity, not a sell signal.

The last retracement was of the sideways variety so I am looking for a nice vee style pullback this time.  While I am currently modeling a pullback only to the lower channel edge, the chart could also go all the way down to fill the gap at $19.75.  That's not the most likely thing to happen (I'm betting on a move to the bottom of the channel as shown) but again, this is silver which can trade with high volatility.  You have to expect those kinds of moves with this metal.

If that part plays out as modeled, the next big resistance should be the top channel line of the bear market of the past couple years.  I do not think that the 5th wave of the 1st wave of a new bull market will be able to break out of that strong downtrend.  I think we will need to see an a-b-c pullback from there into a wave 2 and then a powerful, likely high volume, wave 3 would smash the trend line with gusto.  If that doesn't happen, the model will have to be revisited.  Elliott wave followers are always looking at ways that the chart can veer off in a legal but unexpected way.  We are always looking at trigger points that tell us we are either on track or that we have missed the intention of the herd (and thus need to re-think in that case).