Silver Elliott Wave analysis
Silver could build up on the bullish sequence from August 2022. I In the short term, traders should look forward to buying pullbacks as prices could emerge higher toward $37-40.
Wave II finished in September 2022 around $17.5 after it had corrected wave I which saw prices complete an impulse wave between $11.6 in March 2020 and $30.1 in February 2021. Wave III started in late August 2022 and then completed an expanding diagonal structure for wave (1) of III before a double zigzag structure for wave (2) in May 2023 and October 2023 respectively.
From October 2023, as the daily chart shows, wave (3) rallied and completed an impulse structure at the high of October 2024. Meanwhile, wave (4) pullback ended in December 2024 and wave (5) has emerged higher since. However, the commodity has not rallied enough to break the October 2024 high. After the completion of waves 1 and 2 of (5), the upside in wave (3) should eventually breach the October 2024 high in moves that should present ‘buy the dip’ opportunities for short to medium-term traders.
On the H4 chart, the price has most likely completed waves (i) and (ii) of ((i)) of 3 or a higher degree waves ((i)) and ((ii)) of 3. Thus, there is still more potential for the upside that buyers could exploit in the coming days/weeks.
Technical analyst: Sanmi adeagbo.
Silver Elliott Wave Analysis [Video]
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