Silver is correcting in what I expect to be the wave C of the correction. This tends to be the strongest wave of a correction and I like to see a last leg lower towards 16.500 ish.
The higher time frames show the minimum target for the Silver bulls to be 25.00 So there is a lot of potential and I will be looking for the reversal.
Updates will follow
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Silver seems like it is correcting in a triangle correction for wave 4. I'm still looking for that last leg lower for wave 5.
Comments
y.k.
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Wave b seems not reasonable. Maybe treat it as triangle. Wave A as Flat That is my count.
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TimStuyts
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It is good that you have your own count. As long as you follow the rules and keep an eye on guidelines a count is reasonable and better yet something to work with. I've my reasons not to count it as a triangle but to be honest that part isn't relevant anymore due to the bearish impulse that followed which should make us focus on the end of that move. (ideally by means of 5 waves for wave C so we most likely can buy out of divergence)
Let's see whether we found a bottom or need another leg lower. Ideally we see another leg lower as explained but I will keep an open mind.
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