The silver market has trashed all the easy short term bullish wave counts and this morning is at another spike and record low. Silver has been walking to a different drummer. A new low in silver has just hit the $15.20 price, and now has started to advance. From the peak silver has also retraced a bit more than a net 61%, so if a rally is going to start, now would be the time.
Any other type of a move would put the silver bear market in a zigzag decline. We would still need a 4th wave rally now, then followed by another decline to new record lows. Since the entire bearish phase is extremely choppy, then the decline should eventually get completely retraced.