Short term Elliott Wave view suggests the decline from wave (X) at 15.65 took the form of a double corrective structure (w)-(x)-(y) where wave (w) ended at 14.59, wave (x) ended at 15.15, and wave (y) of ((w)) ended at 13.96.
Wave ((x)) bounce is currently in progress and can reach as high as 14.8 – 15 (50 – 61.8 back) before lower again. Near term, wave (a) is expected to complete with one more swing higher, then it should pullback in wave (b) before one more leg higher towards 14.8 – 15. We don’t like buying the proposed bounce in wave ((x)). Expect wave ((x)) bounce to fail below 15.65 and silver to turn lower either to new low or at least pullback in 3 waves.
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