Silver on 4th Wave Analysis — Bearish Correction

Elliott Wave analysis Nepal — Silver on 4th Wave Analysis — Bearish Correction. NEPSE technical analysis by Ananta Dhungana.

Signal: bearish

We anticipate silver will retrace to the $45-50 zone before the next bull rally gains momentum. Our Elliott Wave analysis suggests that silver is currently navigating its 4th wave. Notably, the 2nd wave was a relatively shallow correction, which implies that the 4th wave will be a deeper and more complex correction. This is indeed unfolding as a complex correction, taking the form of a W-X-Y pattern. Specifically, it appears that we are now headed downward to complete the c wave of (y) of ((y)) within the 4th wave.