According to Elliott Wave Theory, Silver (XAG/USD) might have completed its Wave 2 retracement.
Here we can break down its recent descent since the beginning of February 2021 into visible Leading & Ending Diagonals.
One concern is that thus far, it has only retraced to 0.382 Fibonacci Retracement.
It could definitely go down further for corrective combinations (W-X-Y / X-Z) - however that is still entirely a speculation.
What is visible now is that - we have likely completed an A-B-C (Wave 2) and if no corrective combination is in play, we could potentially go up very impulsively as Wave 3.
Here we can break down its recent descent since the beginning of February 2021 into visible Leading & Ending Diagonals.
One concern is that thus far, it has only retraced to 0.382 Fibonacci Retracement.
It could definitely go down further for corrective combinations (W-X-Y / X-Z) - however that is still entirely a speculation.
What is visible now is that - we have likely completed an A-B-C (Wave 2) and if no corrective combination is in play, we could potentially go up very impulsively as Wave 3.