Preferred Elliott wave view is that Silver has ended a cycle at 22.17 and 7 swings lower suggest wave “W” is nearing completion (another low to 19.53 – 19.76 is still expected) Soon, expect a recovery in wave “X” which can reach as high as 50 – 61.8 fib of the drop from 22.17 peak followed by more downside. As current cycle is mature, we are not thrilled about chasing weakness at current levels or buying into the expected wave “X” bounce.
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