Silver could go through the floor

silver bearish momentum

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.

silver bearish momentum

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.

Happy trading!

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