Silver may still have more downside ahead before the next major bullish phase begins.
Well-respected trader and market analyst Bob Loukas believes the current correction is still part of a broader reset following silver’s January blow-off move. His latest chart points to a possible decline toward $46, with the next major weekly cycle low not expected until late 2026.
Silver is currently trading near $60, so Loukas’ target would imply another drop of more than 20% from present levels.
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Bob Loukas Sees $46 as a Major Silver Target
Loukas’ main argument is based on how silver behaves after parabolic advances.
He says silver’s blow-off moves tend to be short and aggressive, but the rebuilding process afterward takes much longer. In his view, the final weekly cycle from the previous advance often gets fully retraced before a durable bottom forms.
On his chart, that points directly toward the $46 area.
The blue horizontal support around that level lines up with the earlier base from late 2025. Loukas sees that zone as the level the silver price may need to revisit before a stronger long-term setup can develop.
The Weekly Structure Still Looks Weak
The silver chart also shows a clear sequence of lower highs since the January peak.
Silver first topped above $100, then failed near the mid-$90s, followed by another lower high around the upper-$80s, and most recently another rejection near $70.
That structure shows buyers have not yet regained control on the weekly timeframe.
The moving average has also started flattening and rolling lower, with silver now trading below it.
At the bottom of the chart, momentum remains elevated but appears close to turning down again. That fits Loukas’ view that the current rebound may not be the beginning of a new major advance yet.
Read also: Here’s Where Gold and Silver Prices Might be Headed This Week
Loukas’ Silver Price Forecast Still Has a Bullish Long-Term View
His warning is not a bearish call on silver’s long-term future.
Loukas says silver bull markets can produce some of the strongest portfolio gains because the parabolic phases often develop in one fast, relentless move.
The problem is timing.
Those periods usually last only six to twelve months, followed by a much longer phase where the market rebuilds its base.
That is how he sees the current environment.
Silver may still be in the process of repairing the excess created by the January blow-off, with another deep pullback needed before the next major advance begins.
What Would Change the Setup?
For now, the key level is $46.
If silver continues making lower highs and loses the current support area around the mid-$50s, Loukas’ target becomes much more realistic.
A decisive recovery above the recent resistance around $70 would weaken the bearish case and indicate that buyers are regaining control sooner than expected.
But based on the current weekly structure, Loukas does not think the correction is finished.
His broader message is simple: silver can still have another powerful bull phase, but the market may need more time and one more major decline before that opportunity arrives.
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