Silver

Bearish outlook :

Under the bearish view on this fine frame of daily chart, after completing the wave (4) at terminus point of 21.81, Silver fell in the five-waves sequence which could be only first wave of wave (5). Hence, the following rise in a three waves – from low of 14.15 through last peak at 18.50, could be counted as the corrective wave 2 of wave (5) in progress.

An explanation of the price action from peak of the wave 2 :

Currently, the sequence of five-waves overlapping down, in a bearish leading diagonal, as an initial directional subsequent, conceptually would infer that the trend persistently is down. And so, after the ongoing correction up as the wave ii (circled) of impulsive wave 3, bearishness will likely to dominate over the coming weeks

Fibonacci targeting :

An expected target for extreme of the overall corrective sequence as the wave ii of circle degree, could be around the Fibonacci 0.786 retracement level at 17.83. The ongoing wave ii (circled) will likely last through early April when is the Fibonacci time ratio 0.618.

Note : According to Elliott Wave Principle, “A leading diagonal in the wave one position is typically followed by a deep retracement.”

Silver - Daily

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