Silver In A Bullish Trend

Silver is making a five-wave recovery from March lows, which is an indication of where the trend is going; we see it going to the bullish side.

That said, a five-wave rise within the direction of the trend, with no major overlaps, is known as an impulse. In our instance, we see a corrective wave 4 of an impulse in action, which can look for support and a bounce at the 17.0/16.7 zone.

A later rally above the 18.38 level would confirm a wave 5 of an impulse in play.

That said, once all five legs are fully visible, the price may start developing a correction. A correction can be in a minimum of three legs; A-B-C.

Silver, daily