Deeper Lows Ahead Before Reversal in SILVER ? Elliott WavesThe chart suggests a potential downward trend for Silver to complete wave (C) Blue of wave ((4)) Black and then wave Uptrend ((5)) Black.
Elliott Wave Structure:
The chart appears to be in a corrective wave structure, likely a Zigzag.
The current position seems to be within a corrective wave ((4)) Black in which wave (A) & (B) are completed and now we are unfolding wave (C) Blue of ((4)) Black.
Inside wave (C) we had completed wave 1 & 2 and now we are unfolding wave 3 Red in wave (C), post wave 3, we have to unfold wave 4 & 5 Red to finish wave (C) Blue of wave ((4)) Black.
Potential Scenarios:
Downside: If the downward trend continues, the price may reach Fib extension level where wave (C) equals with wave (A) and some times may goes towards 1.236 Fibonacci extension level.
Post completion wave ((4)) Black, we may see Reversal towards new Highs to finish wave ((5)) which generally goes beyond wave ((3)) High.
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RK💕
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