Bearish onslaughts like the one we saw Friday can wreak havoc on price charts across the board. When numerous sectors breach pivotal support levels on elevated volume, it can inflict damage that takes weeks to recover from.

The likes of Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Priceline (NASDAQ:PCLN) and other such high-fliers of yore are on the list of casualties and will need some time to establish bases before new uptrends take root.

To increase your survival rate during a market correction, consider making a few of the following tactical adjustments to your trading:

1. Park yourself in cash: Market train wrecks are always better witnessed as a spectator than suffered as a participant. Once better market conditions arise, you’ll have your capital ready to redeploy and won’t be emotionally compromised like many of your fellow traders who lost money during the correction.
2. Reduce the size of your bets: In times of elevated uncertainty, less is more. If you are inclined to participate during a market downturn, consider risking half as much as you usually do in each trade. For example, if you normally risk $200 per trade, start risking $100 per trade.
3. Limit yourself to the best of setups: Strong bull markets have a tendency to bail out even the sloppiest traders. Market corrections, on the other hand, are merciless. Mediocre setups and poor entry points will be punished aggressively. As such, it is imperative to be extremely selective by trading only the best of setups.

So where do some of the best setups lie right now?

Although twin precious metals silver and gold fell victim to last week’s plunge, silver mining stocks — as measured by the Global X Silver Miners ETF (NYSE:SIL) — escaped the selling frenzy virtually unscathed. Of the individual constituents comprising the SIL, Silver Wheaton (NYSE:SLW) looks particularly appealing.

Click to Enlarge During the past month, SLW has formed a textbook symmetrical triangle with a couple of accumulation days thrown in for good measure. If it can break to the topside of the consolidation pattern, higher prices should be in the offing.

Traders looking for a high-probability play to exploit continued upside might consider selling the Nov 37 put for 66 cents. The reward is capped at the initial 66 cents received and will be captured as long as SLW remains above $37 by November expiration.

Because the risk of a short put is open-ended, traders should consider closing the position by buying back the put option if SLW falls below the expiration breakeven price of $36.34 ($37 – $0.66).

SLW is slated to report earnings on Nov. 5, so traders unwilling to hold through the event might consider exiting any positions beforehand.

As of this writing, Tyler Craig did not hold a position in any of the aforementioned securities.