After the wave (4) triangle, a five-waves motive sequence down and a three-waves correction up, could be considered as a complete cycle consisting of eight waves which could be labeled the waves 1 and 2.

And based on the Elliott Wave Principle:

” The essential underlying tendency of the wave principle is that action in the same direction as the one larger trend develops in five waves, while reaction against the one larger trend develops in three waves, at all degrees of trend.”

On this view, would suggest the downward trend tends to continue, and the next decline as the third wave of wave (5) will likely ahead.

Silver - Daily

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