Silver is trading in a bigger, complex W-X-Y correction, down from August highs. At the moment we are tracking a sub-wave C of Y, down from 25.97 level, where sub-wave B correction fully unfolded its three-wave move. Wave C is an impulse, therefore five legs towards the 21/20.0 region can be seen this month before a bigger correction can be regarded as completed, and more upside may start to develop. That said, we still want to see a break below the lower corrective channel line, and below the 22.56 level, which would confirm a wave C to be underway.

Silver, 4h