According to Elliott Wave Theory, Silver (XAG/USD) might have completed its Wave 2 retracement.
Here we can break down its recent descent since the beginning of February 2021 into visible Leading & Ending Diagonals.
One concern is that thus far, it has only retraced to 0.382 Fibonacci Retracement.
It could definitely go down further for corrective combinations (W-X-Y / X-Z) - however that is still entirely a speculation.
What is visible now is that - we have likely completed an A-B-C (Wave 2) and if no corrective combination is in play, we could potentially go up very impulsively as Wave 3.