An update to a chart from 12 months ago on Silver >
It could be that a long term correction completed at 13.891$ and now in the early stages of an impulsive move.
Could be in wave 4 now but if price drops below 16.213$ then it would invalidate this theory and could potentially just be another corrective move, meaning a move towards or below recent lows.
Hi Joseph, if this is an impulsive move, the price action shouldn't go into the area of your wave 1. I personally am of the opinion that this is an upwards correction, so we should see some overlap. What is the .782 Fibonacci correction level? Thinking that might be the target.