Silver Wave Analysis – 02 May, 2019

• Silver broke support area
• Further losses are likely

Silver recently broke the support area lying between the support level 13.16 and the 50% Fibonacci correction of the previous multi-month upward impulse wave from last September.

The breakout of this support area accelerated the active impulse wave 3 – which belongs to the medium-term downward impulse wave (3) from February.

Silver is expected to fall further and re-test the next support level 12.800 (target for the completion of the active impulse wave 3).