Short term Elliott wave view in Silver suggests the rally from March 31, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from March 31 low, wave 1 ended at 25.61 and pullback in wave 2 ended at 24.66. The metal extends higher in wave 3 towards 26.64 and wave 4 has also ended at 25.68.
Internal of wave 4 unfolded as a zigzag Elliott Wave structure. Down from wave 3, wave ((a)) ended at 25.96, bounce in wave ((b)) ended at 26.47 and wave ((c)) ended at 25.68. This completed wave 4. The metal then resumes higher within wave 5 as an impulse in lesser degree. Up from wave 4, wave ((i)) ended at 26.14 and wave ((ii)) pullback ended at 25.77.
The metal should extend higher a few more highs before ending wave 5 and completing cycle from March 31. Afterwards, it should pullback to correct the entire 5 waves rally from March 31 low in larger degree 3, 7, or 11 swing before the rally resumes. Near term, as far as pivot at 25.68 low stays intact, expect the metal to continue higher.
Silver 60 Minutes Elliott Wave Chart
