MCX Silver Has More Room On The Downside

Siver that trades on the MCX in India touched a high of Rs.96,220 on 28th May 2024. Since then, it has come off in 3 waves. The third step down should be in 5 sub-waves, and I think we have just seen the end of the sub-wave 3. What this means is we will get a brief recovery, followed by another move down in the coming days. Below is my Elliott Wave Analysis of MCX Silver.