SILVER | ELLIOTT WAVE UPDATE — OCT 6
Silver continues to follow the broader corrective structure from the major high.
The preferred count suggests that wave (X) completed in May, followed by a developing A–B–C decline within wave (Y). Wave A bottomed in July, while the late-August high is currently labeled wave B.
Since that high, price has been moving lower within a descending channel, supporting the view that wave C of (Y) remains in progress**.
Short-Term Outlook
As long as the decline continues to respect the channel structure, the preferred path remains lower. The main area of interest is the 50%–61.8% Fibonacci retracement zone, where wave C could potentially complete the larger (Y) correction.
Preferred Scenario
Wave B complete → Wave C lower → Completion of wave (Y) within the 50%–61.8% Fibonacci zone.
At this stage, the bearish corrective scenario remains valid but not yet complete. A sustained break above the descending channel would weaken the immediate bearish interpretation and require reassessment of the short-term structure.
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