Silver for you, though it might be a 7 wave correction.[Silver]...

Silver for you, though it might be a 7 wave correction.
[Silver] declined below $26.65 as the retracement continues of the rally from February 14 to April 12. The declinefrom $29.83 sports five overlapping waves down so far. A correction consists of three or seven waves. In order to7 / 8 e434968turn the five wave pattern into seven waves, silver will need an up-down sequence to further new lows. This wouldmake the decline a double zigzag (see text, p.42). The next downside target surrounds the $25.87 level, theFibonacci .50 retracement of the prior advance. Based on the wave development so far, silver could decline stilllower before the selloff is complete. Another target area is $24.84-$25.08, which is the Fibonacci .60-.63retracement of the advance from February 14. The prior wave (iv) low is $24.30, another possibility as a target assilver’s decline progresses. Whatever level the selloff terminates at, the key short term point is that silver’s declinedoes not appear complete. While not expected, a rally above $29.12 would force us to reassess the near-termforecast.