As shown on the chart, Silver has retraced to Fibonacci 0.786 level, but this sharp decline might be only initial move of deep retracing as a three-wave.

Note : “A leading diagonal in the wave one position is typically followed by a deep retracement.”

Based on this concept, it’s more expected that countertrend rally in Minor wave C will develop as an impulsive five-wave sequence, prior to the end of overall Intermediate wave (4) (not shown) as a flat correction.

Silver - Daily1Silver - Daily

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