As the bearish expectations;
Under the bearish alternate view, on the intraday chart Silver has probably completed the leading expanding diagonal concept at terminus point of 16.55 , and now the concept is likely be correcting. On the ongoing corrective sequence, the waves (a) and (b) of a expanded flat which is likely in progress could be labeled, and rise of wave (c) ahead…
” 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… ”