After forming the peak on February 1, 2021 at 39.09, Silver (XAGUSD) has been in multi-month pullback. The decline from February 1 peak is unfolding as a 5 waves diagonal Elliott Wave structure. Down from there, wave (1) ended at 23.78 and rally in wave (2) ended at 28.74. Silver then resumes lower in wave (3) towards 21.42. Wave (4) is proposed complete at 25.41 as the 1 hour chart below shows.
Wave (5) is in progress as another 5 waves in lesser degree. Down from wave (4), wave ((i)) ended at 24.75 and rally in wave ((ii)) ended at 25.2. The metal resumes lower in wave ((iii)) towards 22.72 and bounce in wave ((iv)) ended at 23.30. Final leg lower wave ((v)) is expected to end soon and it should also end wave 1 of (5) in higher degree. Afterwards, expect the metal to turn higher in wave 2 to correct cycle from November 16 peak before the decline resumes. Near term, as far as pivot at 25.41 remains intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside in wave 3 of (5).
Silver 60 Minutes Elliott Wave Chart
XAGUSD Elliott Wave Video
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.