Silver has reached the minimum 100% target in daily time frame from 2.1.2021 at $18.37. However, short term, the metal can still see further downside. Near term Elliott Wave view in Silver (XAGUSD) suggests the decline from 6/6/2022 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 6/6/2022 high, wave 1 ended at 20.87 and rally in wave 2 ended at 21.96. Wave 3 lower is now in progress and subdivides as another 5 waves impulse in lesser degree. Down from wave 2, wave ((i)) ended at 20.58 and rally in wave ((ii)) ended at 21.54. The metal then extends lower in wave ((iii)) towards 1.1890.
Wave ((iii)) lower subdivides as another 5 waves impulse in lesser degree. Wave (i) ended at 20.68 and rally in wave (ii) ended at 21.06. Then wave (iii) ended at 19.37. Bounce as wave (iv) completed at 20.20 and last drop to finish wave (v) and wave ((iii) at 1.1890. Wave ((iv)) correction ended at 19.48 with internal subdivision as a zigzag. Currently, we are developing wave ((v)) to end wave 3. Wave ((v)) lower subdivides as another 5 waves impulse in lesser degree. Down from wave ((iv)), wave (i) ended at 18.73 and rally in wave (ii) ended at 19.40. Then wave (iii) ended at 18.12. Bounce as wave (iv) should be completing soon and turning lower again to end wave (v) of ((v)) and wave 3. Near term, as far as pivot at 19.48 high stays intact, expect rally to fail and the metal to extend lower.
Silver (XAGUSD) 60 Minutes Elliott Wave Chart
