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Hi traders,

Silver is trading in a bigger, complex W-X-Y correction, down from August highs. At the moment we are tracking a sub-wave C of Y, down from 25.97 level, where sub-wave B correction fully unfolded its three-wave move. Wave C is an impulse, therefore five legs towards the 20.0/19.5 region can be seen this or at the beginning of next month before a bigger correction can be regarded as completed, and more upside may start to develop. That said, the price started to break below the lower corrective channel line, and is now approaching the 22.56 level, which means wave C is underway on the metal, and more weakness in view.

Silver, 4h

At the Fib. the ratio of 161.8 sub-wave 3) of 5 can slow down, and a temporary correction as sub-wave 4) may develop.