Elliottwave-Forecast

Silver (XAGUSD) Looking to Extend Lower in Sideways Price Action

FX_IDC:XAGUSD   Silver / U.S. Dollar
Short Term Elliott Wave view in Silver (XAGUSD) suggests that the metal has traded sideways since the low in August 2022. The short term 1 hour chart below shows the move down from 12.4.2023 high which takes the form of a double three Elliott Wave structure. Down from 12.4.2023 high, wave W ended at 22.49 and rally in wave X ended at 24.6. Wave Y lower is in progress as a zigzag structure. Down from wave X, wave ((a)) ended at 21.91 as the 1 hour chart below shows. Up from there, wave (a) ended at 23.02 and pullback in wave (b) ended at 22.68. Wave (c) lower ended at 23.31 which completed wave ((b)) corrective rally.

Wave ((c)) lower is in progress as a 5 waves impulse Elliott Wave structure. Down from wave ((b)), wave (i) ended at 22.22 and rally in wave (ii) ended at 22.48. The metal then extended lower in wave (iii). Near term, as far as pivot at 23.3 high stays intact, expect rally to fail in 3, 7, 11 swing and the metal to extend lower. Potential target lower is 100% – 161.8% Fibonacci extension from 12.4.2023 high. This area comes at 19.1 – 21.2 where buyers can appear for further upside or 3 waves rally at least.

14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.