#SILVER #XAGUSD may have peaked in Wave X today

Silver shotup today and had a volatile few mins with a wide range. This may have just completed the X Wave of the upward corrective from the late Sep Lows. X waves are generally sharp reactions. The upmove since the Sep lows is best counted as an X wave. Note the labels on the chart - nothing impulsive, overlapping and time consuming upmove. There is no impulsive structure, this strengthens the bearish case. Look for Y wave down to complete in the shaded area if today's top holds.