Silver Commodity Elliott Wave Analysis

Silver appears to be continuing its bullish trend that began in August 2022. In the near term, traders should focus on buying opportunities during pullbacks, as silver prices may advance toward the $37–$40 range.

Silver Commodity Daily Chart Analysis

Wave II concluded around $17.5 in September 2022, marking the end of a corrective move against Wave I. Wave I had previously completed a five-wave impulse, starting from $11.6 in March 2020 and peaking at $30.1 in February 2021. Wave III then initiated in late August 2022, forming an expanding diagonal for wave (1) of III. This was followed by a double zigzag correction for wave (2), ending in May and October of 2023.

Since October 2023, the daily chart reveals a strong rally in wave (3), which ended with an impulse structure at the October 2024 high. The subsequent wave (4) pullback bottomed in December 2024, giving way to the rise in wave (5). However, silver has not yet surpassed the October 2024 peak. Following the completion of waves 1 and 2 of (5), the ongoing wave (3) is expected to break past that high, offering potential "buy the dip" setups for short- and medium-term traders.

Silver Commodity H4 Chart Analysis

On the 4-hour chart, silver seems to have completed waves (i) and (ii) of ((i)) of 3, or potentially the higher-degree waves ((i)) and ((ii)) of 3. This suggests continued bullish potential, with more upward movement likely in the coming days or weeks—providing a favorable environment for buyers looking to capitalize on the trend.

Technical Analyst: Sanmi Adeagbo

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