Trend Reversal :

After the bullish ending diagonal in Intermediate degree, unfolding five overlapping waves to the upside, as a leading diagonal in lesser degree, indicates the Silver’s medium-term trend may have turned up.

According to the Elliott Wave Principle, “A leading diagonal in the wave one position is typically followed by a deep retracement.” Hence, correcting through at least the 50 percent of leading diagonal (wave 1) is expected.

Based upon these bullish structures it’s anticipated the August low at 13.93, as a significant extreme, remains intact in medium term.

Silver - Daily

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