Short Term Elliott Wave View in Silver (XAGUSD) suggests cycle from 3/8/2022 high ended as a 5 waves impulse structure at 20.42. This impulse wave lower ended wave (1). Wave (2) corrective rally is now in progress as a double three Elliott Wave Structure. Rally from wave (1) began the first leg of a zig zag correction. Wave ((a)) ended at 21.29 and a pullback in wave ((b)) ended at 20.82. Silver then resumed higher in wave ((c)) and ended at 21.92 as wave W in higher degree.
Down from wave W high on May 17, wave ((a)) ended at 21.44 and bounce in wave ((b)) ended at 21.75. Then the metal extends lower in wave ((c)) towards 21.26 which completed the connector as wave X. Rally from wave X is a zig zag correction to complete wave Y and wave (2). Wave ((a)) of Y formed an impulse and ended at 22.08. Correction in wave ((b)) made a irregular flat correction ending at 21.64. Next push higher we are calling a motive wave as wave ((c)) to complete wave Y and the whole structure as wave (2) correction. This last leg higher should complete one more high above 22.20 where Silver should turn lower again or at least see 3 waves pullback.
Silver (XAGUSD) 60 Minutes Elliott Wave Chart
