Silver (XAGUSD) Rallies in Elliott Wave Diagonal
Short term Elliott Wave view in Silver (XAGUSD) suggests that the metal ended wave ((2)) at 22.09. Up from there, the metal rallies as a 5 waves diagonal Elliott Wave structure. Up from wave ((2)), wave (i) ended at 22.68 and dips in wave (ii) ended at 22.27. The metal extends higher in wave (iii) towards 23.04 and pullback in wave (iv) ended at 22.82. Final leg wave (v) ended at 23.09 which completed wave ((i)).
Pullback in wave ((ii)) ended at 22.26 with internal subdivision as a zigzag. The metal then extends higher again in wave ((iii)) towards 23.3. Pullback in wave ((iv)) completed at 22.50. Up from there, wave (i) ended at 23.14 and dips in wave (ii) ended at 22.73. Wave (iii) ended at 23.38, and pullback in wave (iv) ended at 23. Expect the metal to make 1 more push higher to end wave (v) and this should complete wave ((v)) of 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 6.23.2023 low before the rally resumes again. Near term, as far as pivot at 22.09 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
Pullback in wave ((ii)) ended at 22.26 with internal subdivision as a zigzag. The metal then extends higher again in wave ((iii)) towards 23.3. Pullback in wave ((iv)) completed at 22.50. Up from there, wave (i) ended at 23.14 and dips in wave (ii) ended at 22.73. Wave (iii) ended at 23.38, and pullback in wave (iv) ended at 23. Expect the metal to make 1 more push higher to end wave (v) and this should complete wave ((v)) of 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 6.23.2023 low before the rally resumes again. Near term, as far as pivot at 22.09 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
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