Silver Outlook: Deeper Correction Could Extend Towards $45–50 Support

Silver is moving lower once again, with prices approaching the $55 support area. However, based on the internal substructure and the current sharp sell-off, it appears that the ongoing wave C of Y could extend further to the downside, potentially bringing prices closer to the $45–50 area. This zone was an important support area back in October 2025, almost exactly one year ago, making it the next key region to watch as the correction develops.

From an Elliott Wave perspective, the broader decline from the highs still appears to be unfolding in seven swings, which points towards an overlapping corrective structure rather than a straightforward five-wave impulsive decline. As long as this interpretation remains valid, we should allow for another extension lower within wave C of Y before the higher-degree counter-trend correction can be considered complete.

I still believe that a final move towards the $50 area could potentially mark the completion of this broader corrective phase. However, until we see clearer evidence of a bottom, further downside should not be ruled out, even if temporary recovery rallies develop along the way. Once the correction is complete, we can reassess the structure for signs of a potential trend reversal.