The big picture is this is a C-wave sell-off within a larger C-wave sell-off, to finish off an even higher degree b-wave. So, expect prices to drop pretty relentlessly with some sort of accumulation pattern close to the bottom. A pair of double Zig-Zags as shown on the chart would fit the bill nicely. The best way to trade this is dollar cost average your way in, buying when you can get good deals. In sell-offs there are always lower prices in the future.
I am honestly not even sure which variation of Elliot wave pattern you are using because I am not that well versed in it. I personally consider it lower priority then old shcool price data and moving averages.
1 we have a significant low 2, the price has crossed over the 50 100 and 20 day moving averages, the weekly chart shows a very nice morning star reversal pattern. I think it is more likely you will see silver reach 15$/usd then 12.00 usd per ounce
One of my favorite indicators is also price action based: Momentum. Currently, Silver is trading up slower, with less Momentum, than it was previously trading down. That's my tip-off that the trend is still down. Additionally, I'll fall back on Momentum trading stop levels to determine a markets reversal. Don't get me wrong, nobody would be happier than me to see Silver trading up, because I'm already heavily invested. I'm just looking to get more deeply invested... Thanks for the comments, and successful trading.