Silver - $/Oz : Fortnightly Chart

After a life time high in 1980's , Silver remained in bear grips over a long period.

Over the last 15 years, I observed there appears a ABC pattern in weekly chart ; as its retracement from last high of 49.79 is best to be viewed in a fortnightly chart. Accordingly, I had sourced the weekly Data from NetDania.com to an excel file & there after created a fortnightly . Here is the resultant chart with Macd (5,34,5) :

 
IMHO, Silver looks at the fag end of (B) & likely to get support from TL from 5.52-8.41 ; let us watch for termination . (C) wave is estimated to give a minimum of  61.8% of (A) { 27.97 } to a very higher value in the next up move.

Here is a closer views in a 150 candles from same Data : a wedge & double bottom is being observed.