Silver XAGUSD Commodity Elliott Wave Technical Analysis

Function: Trend

Mode: Trend

Structure: Zigzag for wave 2

Position: Wave 2 of (5)

Direction: Wave 2 of (5) is still in play

Details: The sharp decline on Friday indicated that wave 2 would likely reach lower levels within the 29.07-28.128 Fibonacci range as a double zigzag structure forms. However, an upside is still anticipated if wave 2 ends above 26.023, and especially above 29.54. This is consistent with the previous update.

Silver Elliott Wave Technical  Analysis

Recent Market Activity:

Following a significant bullish trend in May 2024, Silver has been experiencing a corrective pullback since May 20th. Despite this retracement, the long-term trend remains upward, suggesting that prices should rise once the correction concludes. This analysis identifies potential reversal zones where buyers might expect the next rally to start.

Long-Term Analysis:

The long-term bullish trend for Silver began at 11.645 in March 2020. This trend could potentially complete a double zigzag with a target of 37, and possibly extend to 48.3. If Silver breaks the 48.3 level, it increases the probability that the sequence will turn into an impulse wave. Whether it becomes an impulse or remains corrective is not crucial at this point, as both scenarios predict further rallies. An impulse wave scenario has a higher target, indicating a much higher potential for Silver in the long term.

Daily Chart Analysis:

The current bullish impulse cycle started in January 2024 and is moving higher in the intermediate degree. The price surge from May 3rd is significant enough to be considered part of wave (5). However, there is no divergence with the RSI between the peaks of wave (3) and the supposed wave (5). This lack of divergence suggests that the current dip might be wave 2 of (5), meaning wave (5) could extend similarly to wave (3). Given the potential long-term target for Silver, this extension is plausible.

Silver-XAGUSD-Commod...


H4 Chart Analysis:

On the H4 chart, wave 2 is forming a double zigzag pattern and could find support within the 29.075-28.128 Fibonacci zone, where wave 3 might begin. The invalidation level for this scenario is at 26.023. However, traders should also watch for a breach of 27.54, which could signal a need to adjust the outlook to a deeper bearish correction from the May 2024 high.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Cocoa Elliott Wave Technical Analysis

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 7 Analysts Over 170 Markets Covered. Chat Room With Support

Silver-XAGUSD-Commod...

Summary:

Silver is currently in a corrective pullback within a long-term bullish trend. The long-term sequence, which began in March 2020, projects potential targets of 37 and possibly 48.3. The current cycle, which started in January 2024, suggests that wave (5) could extend higher. The H4 chart indicates that wave 2 might find support within the 29.075-28.128 Fibonacci zone, with an invalidation level at 26.023. A breach of 27.54 should prompt traders to consider a deeper bearish correction. Overall, Silver remains bullish in the long term, with the current pullback expected to give way to further rallies.

Related

Elliott Wave Analysis of Woolworths Group (WOW) Stock: ASX Market Trends, Price Forecasts, and Trading Insights

Elliott Wave Analysis of Woolworths Group (WOW) Stock: ASX Market Trends, Price Forecasts, and Trading Insights

Our detailed Elliott Wave analysis of Woolworths Group (WOW) provides ASX traders with key insights ...

Read More >
NIKKEI 225 Index Elliott Wave Technical Analysis - Focusing on N225 Trading Strategies, Market Trends, and Forecasts

NIKKEI 225 Index Elliott Wave Technical Analysis - Focusing on N225 Trading Strategies, Market Trends, and Forecasts

This article provides a comprehensive Elliott Wave analysis of the Nikkei 225 (N225), focusing on tr...

Read More >
Expert Elliott Wave Technical Analysis for ASX: REA GROUP LTD – Accurate Stock Forecasts and Winning Trading Strategies

Expert Elliott Wave Technical Analysis for ASX: REA GROUP LTD – Accurate Stock Forecasts and Winning Trading Strategies

Explore the comprehensive Elliott Wave analysis for ASX: REA GROUP LTD. This article provides an in-...

Read More >
Best CAC 40 stocks to buy & Investment Tips With CAC 40 (France) Elliott Wave Technical Analysis

Best CAC 40 stocks to buy & Investment Tips With CAC 40 (France) Elliott Wave Technical Analysis

Explore our comprehensive guide to CAC 40 trading and investing, featuring expert Elliott Wave analy...

Read More >
NEO/U.S. dollar(NEOUSD) Elliott Wave Technical Analysis 16 October 23

NEO/U.S. dollar(NEOUSD) Elliott Wave Technical Analysis 16 October 23

Elliott Wave Analysis TradingLounge 4H Chart and daily chart for NEO/U.S. dollar(NEOUSD) 16 October ...

Read More >
Ethereum/ U.S. dollar(ETHUSD) Elliott Wave Technical Analysis 17 November 23

Ethereum/ U.S. dollar(ETHUSD) Elliott Wave Technical Analysis 17 November 23

Ethereum/ U.S. dollar(ETHUSD) Elliott Wave Technical Analysis 17 November 23 with daily chart,Ethere...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on