Silver - New high

Silver broke into new highs yesterday, which keeps the uptrend firm in place. The new high has opened up the the possibility for a move higher to 33.00 as the next target, but the rally from 26.38 lookes like a finished five wave rally, which should call for at least a correction towards the 29.66 - 29.82 area soon. At the same time silver is seriouse overbought at this point, which could turn us lower anytime now, but only a break below 28.50 and more importantly 26.38 will confirm, that an important top is in place.