Short Term Elliott Wave View in Silver suggests the rally from 7.14.2022 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 7.14.2022 low, wave ((i)) ended at 19.016 and dips in wave ((ii)) ended at 18.22. The metal then extended higher in wave ((iii)) towards 20.508 and dips in wave ((iv)) ended at 19.53. As the 30 minutes chart below shows, internal of wave ((iv)) unfolded as a double three structure. Down from wave ((iii)), wave (w) ended at 19.76, rally in wave (x) ended at 20.39, and final leg lower wave (y) ended at 19.53 which also completed wave ((iv)).
Wave ((v)) is in progress and should end soon. Up from wave ((iv)), wave (i) ended at 20 and pullback in wave (ii) ended at 19.78. The metal then extended higher in wave (iii) towards 20.74, and dips in wave (iv) ended at 20.57. Expect the metal to end wave (v) with 1 more leg higher and this should complete wave ((v)) of A as well. Metal should then pullback to correct cycle from 7.14.2022 low within wave B in larger degree 3, 7, or 11 swing before the rally resumes.
XAGUSD 30 Minutes Elliott Wave Chart
