Elliott wave view: Silver (XAG/USD) correction may extend [Video]
|Short term Elliott Wave View in Silver (XAGUSD) suggests that cycle from August 7 peak is unfolding as a triple three Elliott Wave structure. In the 60 minutes chart below, the metal ended wave ((X)) ((X)) at $25.57. Silver is proposed to have started wave ((Z)) lower with the internal of a zigzag (A)-(B)-(C).
The 5 waves move lower from wave ((X)) ((X)) below is then internal of wave (A) zigzag. Down from $25.57, wave ((i)) ended at $24.75 and bounce in wave ((ii)) ended at $25.25. The metal extended lower in wave ((iii)) towards $23.85, wave ((iv)) ended at $24.63, and wave ((v)) ended at $23.5. This 5 waves lower completed wave 1 of (A). Bounce in wave 2 ended at $25.28 as a double zigzag. Wave ((w)) ended at $24.97, wave ((x)) ended at $24.18, and wave ((y)) of 2 ended at $25.28. The metal has turned lower in wave 3 where wave ((i)) ended at $24.07 and wave ((ii)) bounce ended at $24.61. The metal has resumed lower in wave ((iii)) of 3 of (A). Near term, as far as pivot at $25.57 high stays intact, expect rally to fail in 3, 7, or 11 swing.
Silver (XAG/USD) 1 Hour Elliott Wave Chart
Silver (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.