TradingLounge Commodity Silver (XAGUSD) Elliott Wave Analysis

Silver Elliott Wave Technical Analysis

The recent activity in the silver market offers a notable opportunity for traders. Silver is finalizing its recovery from a pullback that started in late May 2024. This recovery phase is likely to trigger a series of rallies, continuing the ongoing bullish impulse cycle that has lasted for over a year. Both long-term and medium-term Elliott Wave projections suggest further upward movement for silver.

Silver (XAGUSD) Daily Chart Analysis

On the daily chart, the impulse wave sequence initiated in January 2024 concluded in May 2024, followed by a corrective pullback. This impulse sequence is identified as wave A (circled), with the subsequent pullback labeled as wave B (circled). After wave B (circled), wave C (circled) is anticipated to develop into another impulse wave structure, similar to wave A (circled), potentially reaching $38 in the coming weeks. Alternatively, the expected bullish reaction might complete another corrective bounce, potentially extending wave B (circled) lower in a double zigzag pattern.

Silver (XAGUSD) 4-Hour Chart Analysis

The H4 chart provides a detailed view of the sub-waves within wave B (circled), showcasing the completion of a zigzag price pattern. The initial rally is predicted to form an impulse wave, completing wave 1 of (1) of C (circled). This bullish movement should aim for at least the $30 key level, followed by a pullback, and then a stronger rally for wave 3 of (1). However, if a corrective response occurs, it could result in a deeper bearish pushback for silver.

Summary

In summary, the Elliott Wave analysis for silver indicates that the current recovery phase is setting the stage for significant rallies. Key levels to monitor include the $30 level and the potential peak at $38. Traders should be prepared for the completion of wave B (circled) and the subsequent bullish wave C (circled). By closely observing wave patterns and critical price levels, traders can anticipate future movements in the silver market and make well-informed decisions to capitalize on the expected uptrend.

Technical Analyst: Sanmi Adeagbo

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