The bearish outlook :
After retracing a Fibonacci 0.618 of the leading diagonal wave i (circled), Silver has developed the overlapping waves down in another diagonal – as the wave (i) of impulsive wave iii of minute degree.
Fibonacci targeting :
The broader target for extreme of the third wave is 12.11 where wave iii (circled) equals 1.618 times the length of wave i (circled) – a common wave relationship.
Note : Leading diagonals as a directional concept could raise confidence that the current trend in direction of the leading diagonal is persistent.