What's happening on Silver? Let's take a look via EW.

Silver breakout rally from wave ii low has been in a five-wave pattern. According to Elliot Wave theory, a three-wave pullback follows every impulse and that's what I'm expecting from XAGUSD right now.

The completion of the correction should set a stage for a significant rally in wave (iii).

See related ideas for long term Silver Elliot Wave setups I published a few weeks ago.