Rally in Silver from 9.1.2022 low is in progress as a 5 waves impulse structure. Up from 9.1.2022 low, wave 1 ended at 20 and pullback in wave 2 ended at 17.97. The metal extends higher in wave 3 towards 24.12, and pullback in wave 4 ended at 22.56. Wave 5 is currently ongoing as an ending diagonal Elliott Wave structure as the 1 hour chart below shows. Ending diagonal is a 5 waves subdivision where each leg subdivides in to 3 swing. Thus, ending diagonal is often called as a 3-3-3-3-3 structure. Up from wave 4, wave ((i)) ended at 24.29 as a 3 waves zigzag (a)-(b)-(c). Pullback in wave ((ii)) ended at 23.35 with internal subdivision also as a zigzag (a)-(b)-(c).
Wave ((iii)) higher ended at 24.54 with internal subdivision as a zigzag (a)-(b)-(c). Expect wave ((iv)) pullback to end soon as a 3 waves, then the metal should extend higher again in wave ((v)). This last move higher should complete wave 5 of (1) in higher degree and end the cycle from 9.1.2022 low. Afterwards, the metal should pullback to correct that cycle in larger degree 3, 7, or 11 swing. Near term, as far as pivot at 22.52 low stays intact, expect Silver to extend higher a bit more to complete the 5 waves ending diagonal before the pullback happens.
XAGUSD 60 Minutes Elliott Wave Chart
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