Decline from wave X at 16.46 is unfolding in double correction (w)-(x)-(y) where wave (w) ended at 15.5, wave (x) ended at 16.05, and wave (y) is in progress towards 14.95 – 15.2. Revised short term Elliott Wave view suggests the internal of wave (y) is taking the form of a double corrective structure w-x-y where wave w ended at 15.46 and wave x is in progress towards 15.9 – 16 as a FLAT before turning lower again to 14.9 – 15.2. We don’t like buying wave x bounce. As far as 16.46 pivot stays intact, expect silver to turn lower once wave x bounce is complete at 15.9 – 16.
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