Short-term bull?

Updated

will this clear 5 waves decline define the larger degree trend in the near future?
will it lead to a sharp zigzag correction that may retrace 50% or 62% of the entire fall?

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potential resistance levels are:
70.7% retracement at 16.626
78.6% retracement at 16.677 (also if wave Y circle equal 1.382 times the length of wave W circle)
16.681 if wave c of Y circle equal wave a of Y circle
16.749 if wave Y circle equal 1.618 times the length of wave W circle
previous wave 2 circle ended at 16.717

A solid close below 16.431 would signal further downside potential

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the top is unconfirmed

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nothing new here, sell after pull back

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the short-term pattern looks like a triangle, so I am expecting a new low first

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hard to say wave a is in 3-waves or 5-waves, if in 3 waves it could be the entire correction but usually correction take more time

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short-term counter trend rally?

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it seems that silver will not give us a flat

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recent rally seems corrective therefore the near term outlook remains bearish

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If the above count is right, I would not expect blue wave {v} to go beyond 14.611 as it should not be the shortest wave

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still bearish

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wave 5 is underway

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Could be very close to the end of wave {v} of C

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maybe like this

wsbza

'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'

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