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Elliott Wave View: Short Term Weakness In Silver Still Expected

Short Term Elliott Wave view in Silver (XAGUSD) suggests the metal remains in complex correction. Decline from August 7 peak (29.86) is unfolding as a double three Elliott Wave Structure. In the 45 minutes chart below, we can see wave ((X)) of this double three ended at $26. Wave ((Y)) lower is currently in progress. Down from wave ((X)), wave 1 ended at $23.55 and wave 2 bounce ended at $25.06.

The internal of wave 2 unfolded as a zigzag Elliott Wave structure. Up from wave 1 low at $23.55, wave ((a)) ended at $24.49 and pullback in wave ((b)) ended at $23.75. The metal resumed higher in wave ((c)) towards $25.06 which also completed wave 2 in higher degree. The metal then turned lower in wave 3. Down from wave 2 high at $25.06, wave ((i)) ended at $24.19, and bounce in wave ((ii)) ended at $24.83. Down from there, the metal is nesting with wave (i) of ((iii)) ended at $23.62. Bounce in wave (ii) of ((iii)) is in progress and looking for the rally to fail below wave 2 high at $25.06 high in 3, 7, or 11 swing before the decline resumes.

XAGUSD 45 Minutes Elliott Wave Chart

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