Silver started trading bullish in March of 2020, and as we see price started unfolding an impulse. An impulse is a five-wave pattern, that moves within the current trend. In our case, this means to the upside.
We can see three legs of an impulse; 1, 2, and 3 as completed, so latest decline in price from the 79.83 level can be part of a corrective wave 4. Wave 4 will ideally unfold a three-wave, simple a-b-c move, and look for support, and a bounce at the 23.43 level, level of a former swing low, or lower at the Fib. ratio of 50.0 (22.0 level). Once an a-b-c corrective move in wave 4 fully unfolds, a new and final leg higher as wave 5 of a higher degree wave A)/1) may start forming.
If price had already completed a wave 4 at latest swing low, then be aware of more upside from current levels. That said, if a five-wave move from the lows is already completed at current highs as A)/1), then be aware of a temporary pullback of a higher degree labelled as wave B)/2).
In any case, silver can see more upside in the future.
Silver, daily
