TradingLounge Commodity: Silver XAGUSD Elliott Wave Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Expected Impulse or Zigzag for wave C (circled)

Position: Wave 1 of (1)

Direction: Wave 2 of (1) of C (circled)

Details: It appears wave B (circled) has been completed and wave C (circled) is now emerging upside. We are now counting a pullback in wave 2 of (1) or wave (2).

Silver Elliott Wave Technical Analysis

The current dynamics in the silver market present an intriguing opportunity. Silver is recovering from a pullback that began in late May 2024, and this recovery is expected to ignite a series of rallies, continuing the year-long bullish impulse cycle. Both long-term and medium-term Elliott Wave forecasts support the potential for further upward movement in this precious metal.

Daily Chart Analysis

On the daily chart, we can observe that the impulse wave sequence, which began in January 2024, culminated in May 2024, followed by a corrective pullback. This bearish corrective structure persisted for five weeks and appears to have concluded with a double zigzag pattern. The shallowness of this correction suggests a potential for another leg lower. However, if the impulsive reaction from late June continues to ascend without turning corrective, it would confirm that the market has embraced the shallow nature of the pullback. This scenario is likely to propel silver prices higher, potentially reaching new highs in 2024.

Silver-XAGUSD-Commod...


H4 Chart Analysis

The H4 chart provides a closer look at the sub-waves of wave B (circled) and the early stages of wave C (circled). The price appears to have completed wave 1 of C (circled) at 31.75 and is currently undergoing a pullback in wave 2. Wave 2 could potentially extend lower to the 30.15-29.77 range, which represents the 50-61.8% Fibonacci retracement levels. This zone is where the price could find support, setting the stage for the commencement of wave 3, which is anticipated to drive silver to fresh highs in 2024. It is crucial to monitor that the price remains above 28.57, as a break below this level would indicate that wave B might extend lower, altering the expected bullish trajectory.

Summary

In summary, the Elliott Wave analysis suggests that silver is in the midst of a recovery from a recent pullback, with the potential for significant rallies ahead. The key levels to watch include the 30.15-29.77 range for wave 2 support and 28.57 as a critical support level. If the current impulse wave continues to rise, it will confirm the shallow nature of the pullback and support the projection of new highs for silver in 2024. This analysis underscores the importance of closely monitoring wave structures and key price levels to anticipate future movements in the silver market.

Technical Analyst: Sanmi Adeagbo

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

See Previous: Gold 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

Stay ahead with our forecast ASX Stock Analysis & Asx Limited Elliott Wave Technical Forecast

Stay ahead with our forecast ASX Stock Analysis & Asx Limited Elliott Wave Technical Forecast

Our detailed ASX Elliott Wave analysis provides expert technical insights into ASX LIMITED stock. Le...

Read More >
Elliott Wave Analysis for ASX Unibail-Rodamco-Westfield: Reveals Bullish Fifth Wave Structure and Medium-Term Stock Forecast

Elliott Wave Analysis for ASX Unibail-Rodamco-Westfield: Reveals Bullish Fifth Wave Structure and Medium-Term Stock Forecast

Elliott Wave analysis reviews URW stock on the ASX, showing medium-term bullish potential. Wave stru...

Read More >
Bitcoin/ U.S. Dollar (BTCUSD) Elliott Wave Analysis: Fibonacci Targets, Market Trends & Key Support Levels for Smart Investing

Bitcoin/ U.S. Dollar (BTCUSD) Elliott Wave Analysis: Fibonacci Targets, Market Trends & Key Support Levels for Smart Investing

BTCUSD Elliott Wave Analysis provides a technical breakdown of Bitcoin’s price movement, highlighti...

Read More >
ASX Northern Star Resources Ltd (NST) Elliott Wave Technical Analysis: Stock Forecast and Key Price Targets for Bullish Trends

ASX Northern Star Resources Ltd (NST) Elliott Wave Technical Analysis: Stock Forecast and Key Price Targets for Bullish Trends

Elliott Wave analysis for ASX: Northern Star Resources Ltd (NST), focusing on bullish trends, key pr...

Read More >
 Bitcoin Elliott Wave Analysis: BTCUSD Chart Breakdown for Optimized Trading Strategies and Accurate Price Predictions

Bitcoin Elliott Wave Analysis: BTCUSD Chart Breakdown for Optimized Trading Strategies and Accurate Price Predictions

This analysis provides an in-depth look at Bitcoin's Elliott Wave patterns, focusing on BTCUSD&#...

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