Silver Elliott Wave analysis
Silver continues the decline from 22nd October. it’s probably correcting the entire rally from August. For as much as this corrective phase doesn’t breach the 07-August low, the long-term rallies should continue.
Daily chart analysis
Since January 2024, Silver has been upside. It completed an impulse cycle in May and completed the corresponding pullback in August before returning upside for another impulse cycle. From the low of August, the price should either evolve into an impulse 5-wave structure or a 3-wave corrective structure. If it’s an impulse, then the rally from August should continue to 43.5. On the other hand, if a 3-wave, then the rally should hit between 37 and 41. Thus, there is still room for further rallies from dips. The current dip is expected to be wave (2) of ((C)) or wave (2) of ((3)). Wave (2) is expected to finish above the 07-August low and then price returns upside.
Four-hour chart analysis
On the H4 chart, it appears an impulse structure for wave A of (2) is about completing. A bounce for wave B and then another decline for wave C could happen before wave (2) is completed.
In summary, unless an impulse surge happens toward 34.5, we can’t write off a deeper sell-off for wave (2).
Silver Elliott Wave technical analysis [Video]
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