Short term Elliott Wave view in Silver suggests the decline from March 8 high is unfolding as a double three Elliott Wave structure. Down from March 8 peak, wave (W) ended at 24.47 and rally in wave (X) ended at 26.2. Internal subdivision of wave (X) unfolded as an expanded flat where wave A ended at 25.84, pullback in wave B ended at 23.98, and wave C ended at 26.2. The metal has turned lower in wave (Y) with internal subdivision as a zigzag ABC.
Currently Silver is in the process of ending wave ((i)) of A of (Y). Down from wave (X) at 26.2, wave (i) ended at 25.71 and wave (ii) ended at 26. The metal then resumes lower in wave (iii) towards 25.09 and wave (iv) bounce ended at 25.29. Expect wave (v) to end soon which should also complete wave ((i)) in higher degree. The metal should then rally in wave ((ii)) to correct cycle from April 18 high before the decline resumes. Near term, as far as pivot at 26.2 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
XAGUSD 60 Minutes Elliott Wave Chart
