After forming the peak on February 1, 2021 at 39.09, Silver (XAGUSD) has been in multi-month pullback. The decline from February 1 peak is unfolding as a 5 waves diagonal Elliott Wave structure. Down from there, wave (1) ended at 23.78 and rally in wave (2) ended at 28.74. Silver then resumes lower in wave (3) towards 21.42. Wave (4) is proposed complete at 25.41 as the 1 hour chart below shows.
Wave (5) is in progress as another 5 waves in lesser degree. Down from wave (4), wave ((i)) ended at 24.75 and rally in wave ((ii)) ended at 25.2. The metal resumes lower in wave ((iii)) towards 22.72 and bounce in wave ((iv)) ended at 23.30. Final leg lower wave ((v)) is expected to end soon and it should also end wave 1 of (5) in higher degree. Afterwards, expect the metal to turn higher in wave 2 to correct cycle from November 16 peak before the decline resumes. Near term, as far as pivot at 25.41 remains intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside in wave 3 of (5).