This COT report displays the Commercial bearish positions without having to think too much about it. Last weeks report they added to their bearish outlook so looking for a bullish wave count would be an exercise in futility. Even if they shifted to a neutral position it would be better than what we have right now.
With this weekly chart, silver is still under the influence of a Death Cross and silver would have to make a big price jump for this Death Cross to become a Golden Cross. Good luck with that as when we look at silver with a daily chart, we can see a big gap still open to the downside.
By $14.600 this gap will be closed and could offer support, at least in the short term. This is also where a bullish correction could take place, but if silver dips below the bottom trendline at $13.882, then the entire phase since the 2016 bottom will be classified as just another bear market rally from a Cycle degree perspective.
How many fake bull markets has silver had since the 2011 top? Add them all up and we still have one ugly bear market in progress.
I like the wedge I see but I never trust that the flat bottom will hold anything when as this chart can still plunge slice right through the bottom support line.