It seems that Silver has finally finished its' pullback and, in my point of view, already made its' last low to begin to new highs.
TA:
Silver looks to be in a large Zigzag* with:
> that finished the 7th of August 2020 at 29.8$.
> wave that resulted into an expanded flat** with its' wave (C) that developed into an expanded ending diagonal***. This wave (C) ended after having extended its' length as 121.4% of wave (A) of at the price of 20.4$ the 13th of May 2022.
>The wave looks to have started now and should reach a minimum target as 37$ (61.8% of wave ) but should end around 50$ as the usuall length for wave is 100% (=the same) of wave . The wave should develope into a 5 waves structure and right now we are in the first wave. Therefore we could see some bearish price action short term but it shouldn't make any new lows under 20.4$ anymore.
* Zigzag: A 3 waves move where the first and the third leg are themselves 5 waves impulses separated with the middle leg which is a 3 waves correction.
** An extended flat: is a 3 waves move with the second leg ending a bit higher than the start of the first leg. The first and the second legs can be developed into 3 waves sequences whereas the third leg should develope into a 5 waves sequence that happens in either in wave 5 of an impulse or wave C of a zigzag.
*** An ending diagonal: is a 5 waves move. It's the only bullish 5 waves sequence (with the leading diagonal ) where the 4th wave of it breaks below the top of the 1st wave. Its' subwaves are always 3 waves sequences.
TA:
Silver looks to be in a large Zigzag* with:
> that finished the 7th of August 2020 at 29.8$.
> wave that resulted into an expanded flat** with its' wave (C) that developed into an expanded ending diagonal***. This wave (C) ended after having extended its' length as 121.4% of wave (A) of at the price of 20.4$ the 13th of May 2022.
>The wave looks to have started now and should reach a minimum target as 37$ (61.8% of wave ) but should end around 50$ as the usuall length for wave is 100% (=the same) of wave . The wave should develope into a 5 waves structure and right now we are in the first wave. Therefore we could see some bearish price action short term but it shouldn't make any new lows under 20.4$ anymore.
* Zigzag: A 3 waves move where the first and the third leg are themselves 5 waves impulses separated with the middle leg which is a 3 waves correction.
** An extended flat: is a 3 waves move with the second leg ending a bit higher than the start of the first leg. The first and the second legs can be developed into 3 waves sequences whereas the third leg should develope into a 5 waves sequence that happens in either in wave 5 of an impulse or wave C of a zigzag.
*** An ending diagonal: is a 5 waves move. It's the only bullish 5 waves sequence (with the leading diagonal ) where the 4th wave of it breaks below the top of the 1st wave. Its' subwaves are always 3 waves sequences.