As it stands now on the daily, it is unclear where exactly this last downside movement that has already commenced will end.
According to how you see the structure, in fact, it could go all the way to the $ 14.4 area and lower, if we see this as a consecutive impulse to the downside following the primary "ABC" correction (contracting flat,in yellow), which was followed by another minor flat.
But it could also end up much sooner, for example around the $ 15.4 area, if we read the primary "A" leg (in pink) as the first reversal impulse to the upside, followed by a huge "ABC" running flat (in pink).
For the time being, therefore, we will wait and see if, on the lower timeframe, we will have a clearer indication of what is the pattern involved in the bigger structure, after which we will be definitely looking into buying Silver .
Updates on smaller timeframes will follow.
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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
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