Silver Elliott Wave calling for a decline after zig zag pattern

In this technical article we’re going to take a quick look at the Elliott Wave charts of Silver Commodity XAGUSD .  As our members know, both Silver and Gold are showing incomplete bearish sequences in the daily cycles.  Recently  SILVER made short term recovery that unfolded as Wave Zig Zag Pattern. In the further text we are going to explain the Elliott Wave Pattern and the Forecast.

Before we take a look at the real market example, let’s explain Elliott Wave Zigzag pattern.

Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A  or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and  ideal retracements.

Silver Elliott Wave one-hour chart 07.03.2026

The current view suggests that SILVER is forming a recovery against the 71.598 peak. The price action is unfolding as an Elliott Wave Zig Zag pattern. We can count five waves within the first leg of the correction, labeled as ((a)).
The current structure suggests that another short-term high could still develop to complete the correction as a 5-3-5 pattern. The commodity can reach the 61.90–64.78 area, which represents a potential sellers’ zone, before the next leg lower begins. As usual, this zone was identified by measuring the equal legs of ((a)) against ((b)) using the Fibonacci extension tool.  As long as the price remains below 64.78, the proposed bearish view remains valid.

Silver Elliott Wave one-hour chart 07.09.2026

The commodity has made another leg higher and completed five waves within the ((c)) leg, as expected. The correction was completed within the proposed zone at 63.29, and we have seen a very decent reaction from this area. Now, we would like to see further downside extension and a break below the red A low to confirm the proposed bearish view.