According to this count Silver (priced in GBP) is due a correction but it would also suggest that we can expect a 5th wave up to complete the move. The only question I ask myself in this case is if this is way too obvious and easy and therefore to expect something completely different to unfold.
Hitting resistance on the 3rd arc pair on the minor chart and the 4x1 Gann fib ray on the major chart - Today's candle has caught support on the 1x2 fib ray on the minor chart, if support here fails the price will look for the 1x1 fib ray beneath
Silver still trapped inside triangle formation, lagging with regard to gold's performance....waiting for a break higher and moving average inversion for bullish entry.
Silver’s day end close below the double top neckline level of GBP 14.514/Oz with daily RSI at 40.00 suggests the prices are likely to drop further to GBP 13.74/Oz (June 24 high).
However, 5-day losing streak has left prices oversold on intraday charts, thus a minor rebound from GBP 14.327 (23.6% of Dec low – July high) could result in a brief jump above neckline...
