This correction has certainly been difficult to deal with. I've outlined two possible scenarios, though I lean more towards the bearish one. If SLV breaks the multi-month (magenta-colored) support line, I'd say we're heading down towards th e~$17.50 level where there is also a volume-defined base. However, if the support holds, we could get a "W" shaped ST recovery and continue the bull trend.
Comment:
So far SLV is following the 'W' shaped path I've put forth. However, there still is the possibility it drops to the magenta colored line which is the weekly support if you use Stan Weinstein's method.