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Silver made a sharp drop in the second half of October, but then we saw an equally sharp rebound. However, the price still hasn’t broken above the 54.49 October high, so it remains very likely that we are dealing with a higher-degree fourth-wave correction. Ideally, we would expect an A-B-C decline toward lower support levels, potentially down to the 45.43 area, especially now when we have an overlap with 49.42 level which invalidates any bullish interpretations
When it comes to potential opportunities, we still assume that better prices and cleaner trade levels could show up later. This correction can easily take longer to unfold, and that’s totally normal considering the massive rally we saw in the previous months.
If we zoom out on; we still believe more upside will be seen on silver in the months ahead, but looking for long opportunities at current levels is risky in our opinion. It’s better to stay patient and wait for more consolidation before taking action. Wait on a triangle or ideally A-B-C formation in blue wave 4
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