Silver XAGUSD Elliott Wave Technical Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Double Zigzag for wave B (circled)

Position: Wave (Y) of B

Direction: Wave 1 of (1) of C (circled)

Details: Wave B (circled) appears completed, and wave C (circled) is now emerging upwards. Currently, we are counting wave 1 of (1) or wave (1).

Silver Elliott Wave Technical Analysis

Silver Recovery and Forecast Silver is recovering from a pullback that began in late May 2024. This recovery is expected to lead to a series of rallies, continuing the year-long bullish impulse cycle. Long-term and medium-term Elliott Wave forecasts support further rallies for this precious metal.

Daily Chart Analysis

On the daily chart, we identified that the impulse wave sequence starting in January 2024 completed in May 2024, followed by a corrective pullback. This bearish corrective structure, which lasted for five weeks, appears to have concluded with a double zigzag pattern. However, the correction is relatively shallow, suggesting the possibility of another leg lower. Yet, if the impulse reaction from late June continues to rise and does not turn corrective, it would indicate that the market has accepted the shallow nature of the pullback. Overall, it is likely that Silver will continue to climb, potentially reaching new highs in 2024.

Silver-XAGUSD-Commod...


H4 Chart Analysis

On the H4 chart, the impulse response is in the process of completing the first sub-wave, or wave 1. Currently, wave iv (circled) might experience one more leg lower before reversing upwards to complete wave v (circled), thereby finishing wave 1. Following this, a larger pullback for wave 2 is expected. Conversely, if the current dip extends below $30, we may consider the high on July 5, 2024, as the end of wave 1 and the current dip as wave 2. In either scenario, provided that Silver's price does not approach $28.5, the price action supports further rallies from the dip, continuing the year-long bullish sequence.

Conclusion Both the daily and H4 charts indicate a continued bullish trend for Silver, offering multiple opportunities for traders. By monitoring the development of wave 1 on the H4 chart and the impulse sequence on the daily chart, traders can identify strategic entry points to maximize returns. The recent shallow correction suggests that Silver's bullish momentum remains intact, with further rallies likely as the metal continues its long-term ascent.

Technical Analyst: Sanmi Adeagbo

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

See Previous: Cron 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...

Related

Unlocking ASX Trading Success: MINERAL RESOURCES LIMITED - MIN Stock Analysis & Elliott Wave Technical Forecast

Unlocking ASX Trading Success: MINERAL RESOURCES LIMITED - MIN Stock Analysis & Elliott Wave Technical Forecast

This detailed analysis provides an in-depth look at the Elliott Wave patterns influencing MINERAL RE...

Read More >
Elliott Wave Analysis of ASX: RMD ResMed Inc. Stock Performance, Financial Trends and Investment Opportunities

Elliott Wave Analysis of ASX: RMD ResMed Inc. Stock Performance, Financial Trends and Investment Opportunities

ResMed Inc. (ASX: RMD) stock performance, including price analysis, financials, dividend insights, a...

Read More >
New Zealand Dollar/U.S.Dollar Forex Currency Pair | NZDUSD Elliott Wave Technical Analysis

New Zealand Dollar/U.S.Dollar Forex Currency Pair | NZDUSD Elliott Wave Technical Analysis

Our in-depth NZDUSD Elliott Wave analysis provides essential insights into the daily and 4-hour char...

Read More >
U.S.Dollar/Swiss Franc(USDCHF) Elliott Wave Analysis: Daily Chart Review - February 2, 2024

U.S.Dollar/Swiss Franc(USDCHF) Elliott Wave Analysis: Daily Chart Review - February 2, 2024

Unlock profitable trading opportunities with expert insights from the latest USDCHF Elliott Wave Ana...

Read More >
Best Stocks to Buy S&P 500 Index trading with our comprehensive Elliott Wave Technical Analysis

Best Stocks to Buy S&P 500 Index trading with our comprehensive Elliott Wave Technical Analysis

Stay ahead in S&P 500 trading with our comprehensive analysis featuring Elliott Wave insights, daily...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

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

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

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

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • 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