Short term Elliott Wave in Silver looking to turn higher [Video]
|Short Term Elliott Wave View in Silver (XAGUSD) suggests cycle from 8.8.2024 low is in progress as a 5 waves impulse. Up from 8.8.2024 low, wave 1 ended at 30.18 and dips in wave 2 ended at 27.69. Wave 3 higher ended at 32.95 and pullback in wave 4 ended at 30.12. The metal extends higher in wave 5. Up from wave 4, wave (i) ended at 32.17 and wave (ii) pullback ended at 31.29. Wave (iii) higher ended at 34.26 and pullback in wave (iv) ended at 33.44. Final leg wave (v) ended at 34.86 which completed wave ((i)) of 5 in higher degree.
Wave ((ii)) pullback is in progress with internal subdivision as a zigzag Elliott Wave structure. Down from wave ((i)), wave i ended at 34.43 and wave ii ended at 34.83. Wave iii lower ended at 33.41 and wave iv ended at 34.29. Final wave v lower ended at 33.07 which completed wave (a). Bounce in wave (b) completed at 34.54 as a zigzag structure. Down from wave (b), wave i ended at 33.39 and wave ii ended at 33.97. Wave iii lower ended at 32.48. Expect wave iv rally and another marginal wave v lower to complete wave (c) of ((ii)) before the metal resumes higher. Near term, as far as pivot at 30.1 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.
XAG/USD 60 minutes Elliott Wave chart
XAG/USD Elliott Wave [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.