Elliott Wave View: Silver 5 Waves Down Suggests Further downside
Short term Elliott Wave View in Silver (XAGUSD) suggests cycle from 7.14.2022 low completed as a flat structure. Up from 7.14.2022 low, wave A ended at 20.86 and pullback in wave B ended at 18.07 as another flat correction. Up from there, Index rallied in another 5 waves in lesser degree. Wave ((i)) ended at 18.94 and wave ((ii)) ended at 18.26. Silver resumed higher in wave ((iii)) towards 22.06, dips in wave ((iv)) ended at 21.26, and final wave ((v)) ended at 22.25 which completed wave C of (4).
From here, XAGUSD dropped in wave (5) forming an impulse in lesser degree. Down from wave (4), wave ((i)) ended at 21.36 and wave ((ii)) ended at 22.05. Silver continue lower ended wave ((iii)) at 20.73, bounce in wave ((iv)) ended at 21.29. Last wave ((v)) finished at 20.56 to complete the impulse as wave 1. Wave 2 rally is in progress as a zigzag structure. Up from wave 1, wave ((a)) ended at 21.329. Expect wave ((b)) pullback then another leg higher in wave ((c)) to end wave 2. As far as the metal stays below 22.25, we expect the rally to fail and the metal to resume lower in wave 3.
From here, XAGUSD dropped in wave (5) forming an impulse in lesser degree. Down from wave (4), wave ((i)) ended at 21.36 and wave ((ii)) ended at 22.05. Silver continue lower ended wave ((iii)) at 20.73, bounce in wave ((iv)) ended at 21.29. Last wave ((v)) finished at 20.56 to complete the impulse as wave 1. Wave 2 rally is in progress as a zigzag structure. Up from wave 1, wave ((a)) ended at 21.329. Expect wave ((b)) pullback then another leg higher in wave ((c)) to end wave 2. As far as the metal stays below 22.25, we expect the rally to fail and the metal to resume lower in wave 3.
14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.