Silver (XAGUSD) shows a higher high (bullish) sequence from 10.3.2023 low favoring further upside. The rally higher from 10.3.2023 is unfolding as a 5 waves impulse. Up from 10.3.2023 low, wave (1) ended at 23.69 and pullback in wave (2) ended at 21.86 as the 1 hour chart below shows. Wave (3) higher is currently in progress with internal subdivision as an impulse in lesser degree. Up from wave (2), wave ((i)) ended at 22.47 and wave ((ii)) ended at 22.31.
Wave ((iii)) ended at 23.18, wave ((iv)) ended at 23.01, and final wave ((v)) higher ended at 24.14. This completed wave 1 in higher degree. Wave 2 pullback is currently in progress with internal subdivision as a double three. Down from wave 1, wave (a) ended at 23.54, wave (b) ended at 23.8, and wave (c) ended at 23.22. This completed wave ((w)). Wave ((x)) rally is proposed complete at 24.01. Expect the metal to turn lower in wave ((y)) towards the blue box area of 23.5 – 23.08. From this area, buyers should appear and the metal should resume higher. As far as pivot at 21.85 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
Silver (XAGUSD) 60 Minutes Elliott Wave Chart
Silver (XAGUSD) Elliott Wave Video
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