Silver Elliott Wave technical analysis [Video]
|Silver Elliott Wave analysis
Silver is trading higher but within the bearish correction from October 2024. This pullback is correcting the resurgence from August 2024 or the entire 2024 bullish trend if it extends much lower. After this pullback, the larger bullish sequence should resume. However, it appears the pullback from October has not yet finished.
Daily chart analysis
On the daily chart, Silver remains within a bullish cycle from March 2020 when it exchanged for $11.65. from that low, it has completed at least 5 swings spanning over 4.5 years in what looks like a large corrective or diagonal sequence. Focusing on the near term, the price is retracing the bullish trend. The pullback appears to be an incomplete double zigzag structure for wave (2) if we consider the pullback correcting the 5-wave rally from the August low of 26.453. Meanwhile, wave (2) appears to be evolving as an incomplete double zigzag structure.
Four-hour chart analysis
The H4 chart takes a closer look at the sub-wave of the emerging double zigzag structure for wave (2). Wave W and X of (2) finished in November and December 2024 respectively. Thus, wave Y started at 32.35 and should finish a 3-wave down. The current bounce from the 19-December low is expected to be wave ((b)). While wave ((b)) finishes below 32.35, we should expect the price to turn lower for wave ((c)) of Y toward $27. Meanwhile, wave (2) should finish above 26.45 and start the larger bullish trend in wave 3. Otherwise, the commodity may be correcting the entire 2024 bullish trend with the potential for more downside.
Silver Elliott Wave technical analysis [Video]
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