Photo by Scottsdale Mint on Unsplash

Silver is trading sideways since 2021, a move that can be a corrective because of choppy and overlapping price action. Ideally, its a very big triangle in progress, currently testing an important trendline resistance where subwave D can be looking for a top after that sharp turn lower. As such, we think that A-B-C retracement is now in play, possibly for a final E wave that can come all the way back to 22-22.50 support. So in the short-term be aware of a slow and bearish price moves.

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What exactly is a triangle pattern? A triangle is a continuation pattern characterized by A-B-C-D-E subwaves, with each leg containing corrective subdivisions. Final wave E can be still missing on the silver chart above.

(Click on image to enlarge)

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