Elliott Wave View: Silver Needs More Downside Before a Pullback

Short term Elliott Wave view on Silver (XAGUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding as a 5 waves impulse. Down from 10.04.2022 high, wave ((i)) ended at 19.92 and rally in wave ((ii)) ended at 20.87. Then silver resumes the drop as wave ((iii)). Internal subdivision has another 5 waves in lesser degree. The 60 minutes chart below shows the internal subdivision of wave ((iii)).

Down from wave ((ii)), wave (i) ended at 20.34 and rally in wave (ii) ended at 20.82. Down from wave (ii), wave (iii) ended at 18.84 and wave (iv) ended at 19.30. Wave ((iii)) decline ended at 18.34 and wave ((iv)) ended at 19.07. Final leg lower wave ((v)) is in progress. We are expecting more downside to break 18.34 low to complete a wave ((v)) and wave 1. When the impulse lower has completed, we should see a bounce in 3, 7 or 11 swings higher. This correction should fail as far as pivot at 21.25 high stays intact.