Silver Elliott Wave view: Correction phase or final high? [Video]
|Silver has entered a significant corrective phase after reaching an all‑time high of $121.6 on January 29. The decline from this peak reveals an incomplete bearish sequence, unfolding with internal subdivisions that align with a double three Elliott Wave structure. From the January 29 high, wave ((A)) concluded at $106.76, followed by a rally in wave ((B)) that terminated at $118.46. The metal then resumed its downward trajectory in wave ((C)), which developed into a clear five‑wave structure.
Within this decline, wave (1) ended at $107.94, while wave (2) retraced to $112.48. The subsequent drop in wave (3) reached $95.06, and a corrective rally in wave (4) lifted prices to $104.05. Finally, wave (5) extended lower to $74.32, completing wave w at a higher degree. The subsequent recovery unfolded as wave x, which took the form of an expanded flat correction.
From wave w, wave ((A)) advanced to $87.92, before a pullback in wave ((B)) drove prices down to $71.31. A final push higher in wave ((C)) ended at $92.19, completing wave x. The market has since turned lower in wave y, which is subdividing into a zigzag pattern. Wave ((A)) of y is projected to extend toward the $53.7–$61.1 region. This target corresponds to the 61.8–76.4 Fibonacci extension of wave w, reinforcing its technical significance.
Silver (XAG/USD) 60 minute chart
In the near term, traders should anticipate that any short‑lived rallies will fail within either three or seven swings, paving the way for further downside pressure. The structure suggests that silver remains vulnerable, and the corrective cycle is not yet complete.
DXY 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.