Silver to proceed down to 28 - Stop above 50% of Friday's Move06.22.24
The size and structure of the waves in the decline so far lead me to believe that we can NOT defeat the large blue 5th wave (that lead us to the highs) in this set of waves down... that we will need a break of structure to the upside (or a new high) before that will be possible.
But since we have no break of structure back to the upside, it does look like the sequence of waves should continue lower. Yellow A seems to be a leading diagonal that held below the 50% retracement and this is additional support for the thesis.
Because Yellow Circled A is a leading diagonal (a motive structure) it is very likely that the following C wave will be an impulse.
By pausing at the 62% of the B up, I think that the market has shown us this will be wave 1 of Yellow Circled lower, and we can expect a mild retrace before a 3rd wave lower that should break through the 62% of the entire wave up, before pausing and retracing a 4th wave back to the same 62% - and then making a final low in a 5th wave. These targets are using my new Rule 62.
50% of the blue 5th wave makes perfect sense for C to complete there, and if our pink second wave does indeed hold a 38.2% retracement, then the 138% for 3 and 162% for 5 line up perfectly... additionally C as 78.6% of A is the most common target I have seen for abc's where a is a leading diagonal. Last but not least, because I don't think we will defeat the blue 5th wave in this move, a hold of it's 78.6% will also make perfect sense.
