The short‑term Elliott Wave view in Silver (XAGUSD) indicates that the cycle from the July 17, 2026 low continues to unfold as a clear impulsive structure. From that low, wave (1) advanced to $60.929 before a measured pullback in wave (2) reached $56.539. The subsequent rally in wave (3) extended to $66.79, confirming the strength of the impulsive sequence. A corrective decline in wave (4) followed and ended at $62.54. This pullback displayed a well‑defined zigzag subdivision, with wave A finishing at $63.47, wave B at $66.56, and wave C at $62.61. Completion of wave C also marked the end of wave (4) at a higher degree, reinforcing the broader impulsive context.
Wave (5) has now begun to develop, and its internal structure shows another impulsive formation. From the wave (4) low, wave 1 progressed to $70.01, establishing the initial leg of the final sequence. A pullback in wave 2 is currently in progress as the market works to correct the cycle from the August 19 low. This correction may unfold in either three or seven swings before the metal resumes its advance. In the near term, the pivot at $62.61 remains a key level. As long as this level holds, dips should continue to find support within a corrective sequence, allowing for further upside potential in the broader impulsive structure.
Silver (XAGUSD) 60 Minute Elliott Wave Chart
XAGUSD Elliott Wave Video
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