Silver is trading in a three-wave a-b-c correction for a higher degree wave 4. We can see wave a and b as completed at the latest swing high, which means the latest impulsive decline can be part of a wave c of 4. That said, wave c will be completed, once we see five legs within it, and a bullish turn from the support region.
Before wave c of 4 can be completed, we still need to see a minor correction as iv), with resistance at the 23.8 level, where Fib. the ratio of 38.2 and the lower base channel line are located.
Silver, 4h
(Click on image to enlarge)
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