The last short term upside wave which started after reaching the support for the medium term trend at 14.63 ended at the recorded top of 19.80, from where silver started a downside correction as seen on the daily chart above. 
The metal is finding difficulty in breaching 50% correction after fluctuating around it a number of times. This fluctuation presented a bearish pattern with the neckline at the mentioned correction at 17.20, where breaching it will assist the metal in breaching the main support for the medium term upside wave currently at 16.90 and then test the main correction level at 16.60. We expect volatility and fluctuation to retest the main support expected to be breached before heading towards the bearish pattern’s targets which reside around 14.60. Stochastic provided positive signals which might push the metal higher yet trading below the 100 Days MA is adding further downside pressure which makes us favor the bearishness for the coming period. Our expectations remain valid as far as 17.20 was clearly breached followed by 16.90 as well as stability below 18.70.
By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com