Silver is at 57.479, below the 57.870 level on October 16. The chart maintains a bearish Elliott Wave count: a rebound labeled wave iv is developing after wave iii reached approximately 55.5. It projects one more decline in wave v toward 53.5, within a broader wave (iii) decline. This remains a projected path.
- Trend: Bearish while the recovery remains corrective.
- Trading Range: Approximately 55.5–58.5 near term.
- Wave Structure: Wave iv is developing; wave v is projected lower.
- Support: Approximately 55.5, then 53.5.
- Resistance: Approximately 58.5; then 61.456.
Is silver going up or down? The chart points lower toward 53.5 after the current rebound; a move above 61.456 would challenge this count.