Silver (XAG/USD) price action has been continuously dropping, especially after the second part 2018. The sell-off which got interrupted by a bullish reaction in September 2018 has been labeled as Intermediate (W) (red).
The bullish reaction could represent a series of bullish sequences towards the completion of Intermediate (X) (red), in which Minor Y (turquoise) could begin a bullish swing from around the 14.35 levels.
If the bullish sequence would unfold, then Intermediate (X) (red) would be expected to get rejected from around the 15.80 or 16.25 vibration zone and could lead towards new yearly lows, as the 13.20 levels could be seen as turning points in a Complex Pattern for Cycle Wave X (black).