Silver Elliott Wave Technical Analysis – February 2025
Silver has surged 12% since late January, retracing the five-wave impulse sequence that began on December 19. Despite the ongoing correction, the long-term trend remains bullish, with buyers anticipating new entry points for the next upward move.
Silver (XAGUSD) Commodities Daily Chart Analysis
On the daily chart, Silver completed wave (2) of a larger impulse sequence that started from the August 2024 low. Wave (2) ended at $28.7, marking the beginning of the current bullish momentum. From this level, an impulse wave structure for wave 1 of (3) appears to have concluded, leading to a corrective wave 2.
Analyzing the broader bullish cycle from the 21.915 low, Silver is likely forming either an ((A))-((B))-((C)) corrective sequence or a full ((1))-((2))-((3))-((4))-((5)) impulsive structure. This suggests the uptrend still has significant room to extend. As a result, traders should look for opportunities to buy pullbacks in alignment with the prevailing bullish sentiment.
Silver (XAGUSD) Commodities H4 Chart Analysis
On the H4 chart, wave 2 may unfold as either a zigzag or a double zigzag correction. If it forms a zigzag pattern, Silver should find support in the 31.719-30.795 Fibonacci retracement zone, setting the stage for wave 3 to drive prices higher.
Alternatively, if the reaction within this zone remains corrective, wave 3 could extend lower in a double correction pattern, with strong support expected above the 28.743 low. As long as Silver holds above this key level, buyers are likely to re-enter the market, reinforcing the bullish outlook.
Technical Analyst: Sanmi Adeagbo
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Key Takeaways:
Silver has gained 12% since late January, retracing its previous five-wave impulse sequence.
Wave (2) completed at $28.7, signaling the start of a new bullish cycle.
The ongoing correction in wave 2 presents a potential buying opportunity.
Key Fibonacci support levels: 31.719-30.795 and 28.743.
A confirmed breakout from wave 2 correction should lead to a strong wave 3 rally.