The short‑term Elliott Wave outlook in Silver (XAGUSD)f rom the July 17, 2026 low indicates that the cycle is unfolding as a five‑wave impulse. Within this sequence, wave ((1)) concluded at $71.23. The subsequent pullback in wave ((2)) is now in progress, serving to correct the earlier advance. Its internal subdivision takes the form of a zigzag structure, which is typical in corrective phases. From the termination of wave ((1)), wave (A) ended at $63.28. Thereafter, wave (B) developed as a zigzag of its own. In this subdivision, wave A finished at $67.47, wave B retraced to $64.71, and wave C advanced to $68.32, completing wave (B) at a higher degree.
Following this, the metal resumed its decline in wave (C). The ideal target for this leg is measured by the 100% to 161.8% Fibonacci extension of wave (A). This projection yields a zone between $55.5 and $60.3. Buyers are expected to emerge in this area, setting the stage for the next upward cycle. In the near term, as long as the pivot at $71.23 remains intact, rallies should fail in either three or seven swings, leading to further downside pressure.
Silver 45 Minute Elliott Wave Chart
XAGUSD Elliott Wave Video
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