Silver has experienced a steep decline, falling more than 40% from its January all-time highs. This move aligns with expectations for a higher-degree retracement following the massive 300% rally from the April 2025 lows.
On the 4-hour timeframe, the initial drop appears clearly impulsive, suggesting that the broader move lower is not yet complete and that a larger wave four correction is still unfolding. A clean three-wave recovery in wave B topped within the key 92–100 resistance zone, triggering a strong bearish reversal.
Since then, silver has entered wave C, already dropping into the $60 area. However, internal wave structure indicates that more downside may follow. The recent bounce toward the 74–75 resistance zone looks corrective, warning of a potential continuation lower into wave 5 of C.
This price action fits well within a typical ABC zig-zag corrective decline, where wave A unfolds impulsively, wave B forms a temporary recovery, and wave C resumes the bearish trend. Importantly, wave C often develops as a five-wave bearish structure, suggesting that the current decline may still be incomplete and could extend further before the larger correction fully matures.
Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.
