Silver Likely In Wave 2

With silver breaking below the 15 level, I am now counting us as completing the a-wave of the larger degree wave 2.  My expectation now is that once we complete the current bout of weakness, we can likely see a rally back up towards the high of wave 1, as my expectation would be a wave 2 flat in this chart.

In the micro structure, we still look to need a iv-v, with 15.20-30 being main resistance for that potential.

silver144min
silver144min
Avi Gilburt is founder of ElliottWaveTrader.net.