Silver weekly correction continues with the ZigZag in progress as the Y wave. Although multiple alternate counts are possible at this moment in time, it seems a high probability that the current bearish wave is a wave C.
Whether the Y wave should complete with the ABC or the ABC is part of a larger triangle is too early to tell. However, considering the time it has taken for this colossal B wave correction, we could soon find ourselves counting impulsive 12345 waves to the upside.
The current bearish wave could last for a few more weeks. The current target zone for shorts and possible entry zone for long-term longs is between 15.400 – 15.100.
For now, I will look for only short trades in Silver. But this could change anytime if the count or the structure changes.
Clue: Look for wave counts and structures in lower time frames confirming to the larger structure.