Details - Currently in wave 4 dip before further rallies for wave 5 of (A) higher. We should see one more leg lower for wave 4. Not much has changed since the last update.

Silver has undergone an extension of its pullback phase since April 12th, 2024, and is now poised within the critical Fibonacci reversal territory. The prevailing trend unmistakably favors the bulls, and it's only a matter of time before its upward trajectory resumes. Amidst this phase, buyers are gearing up to reclaim dominance within the current reversal zone, a juncture demanding keen attention from retail traders. Within this discourse on commodities, our focus delves into both the long-term and near-term Elliott wave prognostications for Silver, emphasizing the pivotal reversal zones meriting trader scrutiny.

Zooming into the daily chart, we observe a significant breakout from a protracted triangular formation, constituting part of a double zigzag structure stemming from the September 2022 low, where Silver traded at $17.56. Presently, the price action aligns within the intermediate wave (A) of the primary wave Y (circumscribed in blue). Wave (A) is unfolding into an impulsive sequence since late January 2024. Within the confines of wave (A), the ongoing descent constitutes wave 4. As wave 4 approaches its culmination, an anticipatory surge in wave 5 beckons, potentially propelling prices towards the 30 major level, or possibly even surpassing it. The pivotal query revolves around the termination point of wave 4.

Shifting focus to the H4 chart, we discern wave 4 materializing into a zigzag pattern, suggesting potential support within the 100-138% Fibonacci extension levels, corresponding to the range of 26.86 - 26.07. Should the projection extend to 161.8% (25.6), the integrity of the zigzag structure may be compromised, potentially catalyzing a transition toward an impulsive decline. Consequently, an anticipatory rebound within this zone is anticipated. Presently situated within this crucial territory, the price trajectory might explore deeper depths, yet a decisive and vigorous recovery out of this zone remains imperative to facilitate the advancement into wave 5.

XAG/USD Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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