Upon careful analysis, it is evident that Silver (XAGUSD) has been demonstrating an impulsive rally from the 10.3.2023 low. Considering the recent movement, wave (1) concluded at 25.91 followed by a correction in wave (2) ending at 21.94. The subsequent upward movement in wave (3) reached 29.79. A retracement in wave (4) found support at 26.02 before the metal resumed its upward trajectory in wave (5).
Internal Wave Subdivision
Further delving into the internal structure of wave (5), it is unfolding as a 5-wave impulse Elliott Wave pattern. Beginning from wave (4), wave ((i)) terminated at 27.51 with a pullback in wave ((ii)) ending at 26.99. Silver then surged higher in wave ((iii)) reaching 28.76, followed by a retracement in wave ((iv)) concluding at 27.94. The metal continued its upward movement in wave ((v)), indicating a bullish sentiment.
To outline the next steps, wave (5) of ((v)) of 1 is expected to finalize, leading to a subsequent correction in wave 2 from the 5.2.2024 low before resuming its upward trajectory. It is crucial to monitor the price action closely to gauge the completion of the current wave cycle.
In the near term, it is imperative to note that as long as the pivot at 26.02 low remains intact, any pullback is likely to find support within the 3, 7, 11 swing for further upside potential. This short-term outlook emphasizes the significance of key levels and price behavior in determining the next course of action.
The short-term Elliott Wave analysis of Silver (XAGUSD) provides valuable insights into the current impulsive structure and internal wave subdivision. By understanding these patterns and anticipating the potential wave completion, traders and investors can make informed decisions to navigate the dynamic landscape of the silver market. Stay vigilant, stay informed, and stay ahead of the curve.
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