Elliott Wave View: Silver Extending Lower

Short term Elliott Wave view on Silver (XAGUSD) suggests that the decline from February 21, 2019 ($16.21) is incomplete. Structure of the decline from $16.21 is unfolding as a zigzag Elliott Wave structure. Wave B of this zigzag structure ended at $15.63. Wave C lower has started and should subdivide in 5 waves. Down from $15.63, wave ((i)) ended at $14.88 and wave ((ii)) ended at $15.34. The internal of wave ((i)) subdivides as 5 waves of lesser degree. Wave (i) of ((i)) ended at $15.35 and bounce to $15.58 ended wave (ii) of ((i)). The metal then turned lower in wave (iii) of ((i)) and ended at $14.95. Wave (iv) of ((i)) ended at $15.16 and wave (v) of ((i)) ended at $14.88.

Bounce in wave ((ii)) unfolded as a zigzag Elliott Wave structure in lesser degree. Wave (a) of ((ii)) ended at $15.8, wave (b) of ((ii)) ended at $15.08, and wave (c) of ((ii)) ended at $15.34. Silver has since resumed lower and broken below wave ((i)) at $14.88, suggesting the next leg lower has started. We don’t like buying the bounce and expect bounce should find sellers in 3, 7, or 11 swing as far as pivot at $15.34 stays intact