Elliott Wave View: Further Upside In Silver In Near Term

Technical analysis of Forex market

Short-term Elliott wave view in Silver (XAGUSD) suggests the rally from August 9, 2021 low is unfolding as a double three Elliott Wave structure. Up from August 9 low, wave W ended at 24.04 and dips in wave X ended at 22.85. Internal subdivision of wave X unfolded as a Flat structure. Wave ((a)) ended at 22.98, wave ((b)) ended at 23.954, and wave ((c)) of X ended at 22.86. The metal has broken above wave wave W at 24.04 confirming wave Y has started.

Up from wave X, wave (i) ended at 23.25 and pullback in wave (ii) ended at 22.95. The metal resumes higher in wave (iii) towards 23.69, wave (iv) ended at 23.51, and final leg wave (v) of ((a)) ended at 23.95. Wave ((b)) pullback has ended at 23.32 as a zigzag structure. Up from wave ((b)), wave (i) ended at 24.21 and pullback in wave (ii) ended at 23.78. Near term, as far as pivot at 22.86 low stays intact, expect the metal to extend higher in wave (iii) of ((c)). Potential target higher is 100% – 123.6% fibonacci extension from August 9, 2021 low at 24.55 – 24.96.

Silver 60 Minutes Elliott Wave Chart