Elliott Wave View: Near Term Further Weakness in Silver

Short Term Elliott Wave View in Silver suggests rally to 19.43 ended wave 2. Wave 3 lower is in progress to complete a cycle from August 14th, 2022 high. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Up from wave 1, wave (a) ended at 19.09 and pullback in wave (b) ended at 18.78. XAGUSD extended higher in wave (c) of ((w)) towards 19.28. Connector wave ((x)) completed as a zigzag correction at 18.93. The metal then resumed the rally in wave (a) ended at 19.40 and pullback in wave (b) finished at 19.07 Final leg higher wave (c) ended at 19.43 which ended wave ((y)) of 2.

Silver turned lower in wave 3. Internal subdivision in wave ((i)) unfolded as an impulse. Down from wave 2, wave (i) ended at 18.81 and bounce in wave (ii) ended at 18.92. Silver extended lower in wave (iii) at 18.56. A shallow bounce completed wave (iv) at 18.69. Last leg lower ended at 18.50 completing wave (v) of ((i)). Then market rally ending wave ((ii)) as a flat correction at 19.91.

Wave ((iii)) already has started and wave (i) ended at 18.63 and corrective wave (ii) at 18.84. XAGUSD continued falling and we can already see 5 swings lower from wave (ii). We are expecting to break 17.70 to complete an impulse as wave (iii), then a corrective bounce as wave (iv) and continue lower end wave (v) and also wave ((iii)). Therefore, silver should see more downside as far as pivot at 19.43 high stays intact, expect that any rally to fail in 3, 7, or 11 swing for further downside.

Silver (XAGUSD) 45 Minutes Elliott Wave Chart