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As silver approached the target-box, the market showed a strong reaction and immediately turned lower. However, we still have no confirmation that the bears will succeed in pushing down the market towards $22. To confirm this move in wave (iv) in blue, we want to see the metal below $25.78 in the next step.
In the long term, silver remains oriented towards significantly higher prices after the ongoing downward movement has been completed.

Only a direct breach of $29.23 would end the correction earlier than expected and drive the market directly towards $36.

A few things to keep in mind:
The larger degree trend, we believe, is still bullish. With that in mind, we will approach all of our decisions in this market from that perspective. Therefore, even though we expect the market to pull back in a wave (iv) our primary focus is to add to the long side for the rest of the primary trend.

• Never stop learning
• Adapt to new situations
• Always manage risk
• Remove ego from every trade
• Invest in what you know

With that being said, we wish everyone a fantastic week of trading and investing.