After an impulsive five-wave sequence up of the cycle degree in April 2011 , Silver is likely to correct in a three-waves sequence(or a variation).
An overview on the ongoing Silver’s bear market :
The ongoing five-wave sequence down from the peak in 49.82 , which up here has lasted 46 month, may be just as an initial subsequent of the great correction of the same cycle degree. It could be considered as the wave A of the primary degree.
A ratio-explanation on subsequents of the A(circled) :
The wave (1) is larger than the wave (3), and in a five-waves sequence, third wave is never the shortest wave; hence, the ultimate target for low of the wave (5) could be utmost 4.40.
However, A possible fibonacci target for the wave (5) of A(circled), could be around the 7.00 level, where be established the 0.618 ratio with the waves (1).