Short term Elliott Wave View in Silver (XAGUSD) suggests the rally from 9.28.2022 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 9.28.2022 low, wave 1 ended at 21.24 and pullback in wave 2 ended at 18.05. The metal then resumed higher in wave 3.
Up from wave 2, wave ((i)) ended at 18.94 and dips in wave ((ii)) ended at 18.26. The metal resumes higher in wave ((iii)) towards 22.25 and pullback in wave ((iv)) ended at 20.56. Final leg higher wave ((v)) ended at 23.51 which completed wave 3. From there, the metal pullback in wave 4 which ended at 22.00.
Wave 5 higher is in progress with internal subdivision as an impulse in lesser degree. Up from wave 4 low, wave ((i)) ended at 23.68 and pullback in wave ((ii)) ended at 23.09.
Bounce in wave ((iii)) ended at 24.13 and pullback as wave ((iv)) has dropped inside of wave 1’s area forming and ending diagonal structure. Near term. we expect to complete wave ((iv)) before see one more high above 24.13 and completed an impulse from 9.28.2022 low. After this, expect pullback in wave (2) to find support in 3, 7, 11 swing for more upside.
XAGUSD 60 Minutes Elliott Wave Chart
