Silver Speculators are Jumping Ship...Longs still in the game

Silver historically has retraced hard on big moves up...Usually anywhere between the .618 and .786...But in this scenario I think the .618 will be a little over extended on the drop...I see the price going as low as 16.25....But My target is 16.80...The falling wedge I have posted has only been in play for a day...I need more time to find out if it is going to stick. As long as silver makes a higher low, it is still ok...The falling wedge may be broken with buyers stepping in in the next week of trading...All this selling is due to the speculative nature of silver...speculators are getting slaughtered...Longs are doing well...Need to wash out the weak hands and start over to get a higher high...