USLV update

Below is the chart of USLV.  If falling wedges have been 3rd waves of late then the bounce might have been the 4th wave and if that was the case then just a small move down further for silver will cause it to both hit strong support as well as have 5 waves down. 

If this is the case then expect a strong bounce for USLV, at least to the level of the prior 4th (~$55).  This move could also be 1 of 5 in which case the bounce might go to $45 before heading back down.  Sentiment on silver is very depressed right now according to several trusted sources and that is when the bounces generally occur.  I suspect that a trade-able reversal will happen some place within the red circle.