Short term Elliott Wave view in Silver (XAGUSD) suggests the decline from 6/6/2022 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 6/6/2022 high, wave 1 ended at 20.87 and rally in wave 2 ended at 21.96. Wave 3 lower is now in progress and subdivides as another 5 waves impulse in lesser degree. Down from wave 2, wave (i) ended at 21.08 and rally in wave (ii) ended at 21.50. The metal then extends lower in wave (iii) towards 20.77, wave (iv) rally ended at 21.14, and final wave (v) lower ended at 20.59. This completed wave ((i)).
Wave ((ii)) correction ended at 21.536 with internal subdivision as a zigzag. Up from wave ((i)), wave (a) ended at 21.25, pullback in wave (b) ended at 21.07, and wave (c) higher ended at 21.536. This completed wave ((ii)). The metal has since turned lower in wave ((iii)). However, it still needs to break below wave ((i)) at 20.59 to rule out a double correction. Near term, as far as pivot at 21.959 high stays intact, expect rally to fail and the metal to extend lower.
Silver (XAGUSD) 60 Minutes Elliott Wave Chart
