Is $7.50 $SLV a Real Possibility?

Physical silver closed today (August 2) at $14.49, while $SLV (derivative of physical silver) closed at $13.87. In regard to the question, the answer is "yes."  The answer is based on the "Spread-triple Bottom Formation." (See the formation within the circle of the above chart.) Also, of interest, is that $SLV is still in Stage 4 Declining Phase. Of further interest to long term readers of this blog, is that the "15-week Exponential Moving Average < 40-week Exponential Moving Average," which is bearish and confirms my proprietary Stage 4.  

So, is $7.50 a foregone conclusion? Of course not, but based on the exponential moving average strategy, stage analysis, and the current bearish formation, the underlying trend for $SPY is still bearish. Saying that, the short-term condition for $SLV is very oversold. Therefore, I do see upside to the $14.80-$15 price level.