at my last Analyse I wrote that a sharp decline is still ahead. Indeed Silver declined to my favored targetzone ($16.875), the low was at $16.88. From there the Metal bounced back to the rising (colored orange) and shows signs of weeknes in my view. So far silver has not managed to overcome the
It is still possible that Silver is ready for another decline in a Wave c of a or a Flat pattern with targets at around $16.85 to $16.535. The $16.535 zone will touch the declining dotted (purple colored) which connects levels of higher timeframe.
From here a start in a Wave up of one higher degree is the next move to expect! If this happens a common target can be the Zone at $17.40 -17.65 at first. More bullsih potencial exits!
The alternate Count for Silver is that the High in Wave (i) in purple is Wave ( iii ) in blue, the Low is Wave (iv) and the red is Wave (v) blue. If that is the case we will see a deeper correction with targets at ~$16.10!
Have a great weekend
Note!---> This Analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!