As the bearish expectations;
Under the bearish alternate view on the intraday chart, Silver has completed the leading expanding diagonal concept at terminus point of 16.55 , and now the concept is likely be correcting.
” A leading diagonal in the wave one position is typically followed by a deep retracement.” Based on the guideline it is expected, the diagonal would retrace to the fibo-retracement level of 0.618 at 17.74 in the coming days.
And eventually, the leading diagonal formation as a motive five-waves sequence down from recent high at 18.49, would raise confidence that the trend has turned down.
Leading Expanding Diagonal:
Accordance with the Elliott Wave Principle:
” A leading diagonal can also take an expanding shape. This form appears to occur primarily at the start of declines… ”