Silver Elliott Wave structure downside bias holds while under $63

Since forming the all‑time high at $121.6 on January 29, 2026, Silver (XAG/USD) has entered a pronounced correction. The decline has unfolded with a clear Elliott Wave structure, and the ideal extreme target remains the 100% Fibonacci extension at $38.8. Whether this level will ultimately be reached is uncertain, but the broader corrective sequence continues to suggest further downside potential. Short term, the rally to $63.29 marked the completion of wave (B), as illustrated in the one‑hour chart. From that point, the market resumed lower in wave (C), which is progressing with internal subdivision into five waves.

Down from wave (B), wave ((i)) ended at $57.19. A corrective rally in wave ((ii)) terminated at $60.76. The subsequent decline in wave ((iii)) reached $56.84. The rally in wave ((iv)) concluded at $59.67. The structure indicates that wave ((v)) is now approaching completion, which should also finalize the higher degree wave 1 of (C). Once this initial leg is complete, the metal is expected to rally in wave 2, correcting the cycle from the July 6, 2026 high. This correction should unfold in either three or seven swings before the broader decline resumes. In the near term, as long as the pivot at $63.3 remains intact, rallies are expected to fail in corrective sequences. This reinforces the bearish outlook and opens the path for further downside extension.

Silver 60-minute Elliott Wave chart