Silver bigger retracement is here.

This caught me a little by surprise on how big the drop is and how fast it did it. However not all is lost. On a 4h chart - I cheated a little by removing all the smaller counts to make it less auditable on the bigger count.

So of the entire move from the bottom 15.60 to the current top at around 18.40 I have mapped the most likely Wave 4 retracement area. Generally 23% to the 38% area.. NOTE: the wave 2 of the current bullish move took over a week.. the current retracement dropped over 3% in a matter of 1 to 2 hours. So if you have a complex 2nd wave your 4th should be fast

Currently if you want to short do wait for the 50% (18.043) retrace of the last drop before shorting with your stops just above 61.8% (18.13).

If you are waiting to long this pattern doesn't seem complete at the moment and it is advisable to sit out until you see a favourable setup.

NOTE .. we could be in a big Bearish ABC as well.. so it is better to stay out of longs for the moment. We will know once the current pattern completes.

NOTE .. if we pull back into 17.312 (top of current wave 1) that would most likely mean this is a big ABC move and you should look for a shorting opportunity.