The XAGUSD (SILVER) daily chart shows that the rally from 13.88 low is a classic five-wave impulse.
According to Elliot wave principle, a three-wave corrective pattern follows every impulse move and the bearish move after the completion of the impulse in Silver exhibits this characteristic. . The corrective wave unfolded as a double three combination structure with an expanded flat in wave A, a double zigzag in wave B and wave C unfolded as a simple zigzag pattern. . The corrective pattern also retraced about 50-61.8 of the impulse wave and reversing from a key support zone. . If this wave count is correct, Silver is expected to make a bullish impulsive move above the previous high at "$16.18" in wave (C) or (3). . Thanks for reading!