The short term Elliott Wave analysis for XAGUSD (Silver) suggests that the cycle from the 5.20.2024 high remains in progress as a double three structure. This means that the market is currently undergoing a complex correction pattern.
Wave Count Details
Breaking it down further, wave ((a)) ended at 30.03 and wave ((b)) rally ended at 32.29. Wave ((c)) lower completed at 29.36 which marked the conclusion of wave W. Subsequently, the rally in wave X reached its peak at 31.53, as illustrated in the 1-hour chart provided.
Wave Y is now unfolding as another double three in a lower degree. Specifically, down from wave X, wave (a) ended at 29.1 and the ensuing rally in wave (b) reached 30.25. Wave (c) lower concluded at 28.64, finalizing wave ((w)) in a higher degree. The subsequent rally in wave ((x)) followed a zigzag pattern.
After wave ((w)), wave (a) ended at 29.57 and the pullback in wave (b) concluded at 28.90. The upswing in wave (c) concluded at 30.84, effectively closing wave ((x)) in a higher degree. Presently, the metal has reversed direction, moving lower in wave ((y)).
As the market evolves, down from wave ((x)), wave (a) halted at 29.32 and the subsequent rally in wave (b) reached 29.72. Currently, the metal is extending lower in wave (c). Looking ahead, the pivot at 31.53 high will be a critical level to monitor. If this level remains intact, an anticipated rally is likely to fail in a 3, 7, 11 swing, signaling further downside potential for XAGUSD (Silver).
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