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

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