After an initial advance in this week, it seems that Silver will close today under the structural resistance of $16.13.
Based on this outlook, Silver potentially remains bullish, in anticipated rally of Minor wave E underway, while the price holds above Minor wave D’s low at $15.77.
The expected target for the extreme of wave E is around the $17.29, where the wave E equals 0.618 times the length of the wave C. (a common relationship between the same direction waves in a triangle formation.)
The Minor wave B’s low at $15.30 level, must hold for this entire analysis on Intermediate fourth wave to remain valid.
Note : The fourth-wave developing is shown on this chart, just by labeling its sub-waves of Minor degree.