Decline from wave X at 16.46 is unfolding in double correction (w)-(x)-(y) where wave (w) ended at 15.5, wave (x) ended at 16.05, and wave (y) is in progress towards 14.85 - 15.08. In our Chart of The Day 6.30.2015, we said the internal of wave (y) is also taking the form of a double corrective structure w-x-y where wave w is in progress towards 15.31 -15.45, then it should bounce in wave x before the decline resumes. Current Elliott Wave view suggests that wave w has ended at 15.46 and wave x has ended at 15.88. As far as 16.46 pivot stays intact, expect silver to continue the decline lower.
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