Silver ended cycle from 9.1.2022 low as a 5 waves impulse Elliott Wave structure. Up from there, wave (1) ended at 20 and pullback in wave (2) ended at 17.97. The metal extends higher in wave (3) towards 24.54 and pullback in wave (4) ended at 22.98. Final leg higher wave (5) ended at 24.6 which completed wave ((1)) in higher degree. Pullback in wave ((2)) is in progress to correct cycle from 9.1.2022 low in 3, 7, or 11 swing before the rally resumes.
Internal subdivision of wave ((2)) is in progress as a zigzag Elliott Wave structure. Down from wave ((1)), wave 1 ended at 23.4 and wave 2 ended at 23.598. The metal extends lower in wave 3 towards 22.13 and rally in wave 4 ended at 22.427. Final leg wave 5 ended at 22.03 which completed wave (A). Wave (B) rally is now in progress as a zigzag structure in lesser degree. Up from wave (A), wave A ended at 22.53 and dips in wave B ended at 22.19. Expect the metal to extend higher in wave C of (B) and rally to fail below 24.6 for another leg lower in wave (C). Near term, as far as pivot at 24.6 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
Silver 60 Minutes Elliott Wave Chart