Silver’s quarterly-chart, since 1972 :
” The essential underlying tendency of the wave principle is that action in the same direction as the one larger trend develops in five waves, while reaction against the one larger trend develops in three waves, at all degrees of trend.”
In accordance with the concept of the Elliott Wave Principle :
On this frame of quarterly chart, Silver completed an impulsive five-wave sequence up as a possible cycle degree third wave, in spring 2011. Since then, Silver is likely to correct in a three-waves sequence (or a variation) as a possible fourth wave of the same degree.
The ongoing(or completed) five waves down, may be only as an initial segment of a great correction. It could be counted as a primary degree wave A still in progress!
How far down can the overall corrective sequence be expected to go?
” The primary guideline is that corrections, especially when they themselves are fourth waves, tend to register their maximum retracement within the span of travel of the previous fourth wave of one lesser degree, most commonly near the level of its terminus.”
Based on the guideline of the Elliott Wave Principle, Silver tend to develop its following waves on the down trend persistently. And it is expected ultimately retrace to the span of travel area of the preceding fourth wave of one lesser degree, around the 4.8 area.