Silver peaked in overnight Trading on Aug 02 to $16.96! This High marks the top in Wave B or Wave iii . If this high was the Wave iii it expands the length of Wave i 1.618 times, which is a commonly target in EW Rules and guidelines for a Wave iii! From this Level a decline followed to $16.42 (I have left my forecast, marked with the orange TL within the Chart)! From here the precious Metal start the final Leg of it`s first (maybe multiweek lasting advance) in a Wave 1 of 5 of1! This first move is done or very nearly so and will bring a setback in a Wave2 of lesser degree arount the $16.57 to $16.49 area. From here Wave iii will start to its next targets!
As long as the level of $16.42 reemains in tact this forecast is valid....I have placed my alternate Wavecount below my favor one...
Have a great day
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