Silver (XAGUSD) Looking to Extend Higher in a Nest
Short term Elliott Wave view in Silver (XAGUSD) suggests that cycle from 3.27.2024 low is ongoing as a 5 waves impulse. Up from 3.27.2024 low, wave (i) ended at 25.38 and pullback in wave (ii) ended at 24.73. The metal extended higher in wave (iii) towards 27.33 and pullback in wave (iv) ended at 26.26. Final leg wave (v) ended at 28.32 which completed wave ((i)). Pullback in wave ((ii)) unfolded as a zigzag structure where wave (a) ended at 27.6. Wave (b) higher ended at 28.28 and wave (c) lower ended at 27.51 which completed wave ((ii)).
The metal has turned higher in wave ((iii)). Up from wave ((ii)), wave i ended at 28.51 and pullback in wave ii ended at 27.73. Expect the metal to continue higher in wave iii, then it should pullback in wave iv before extending higher again in wave v to complete wave (i) of ((v)). Near term, as far as pivot at 27.5 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
Silver (XAGUSD) 30 Minutes Elliott Wave Chart
XAGUSD Elliott Wave Chart
XAGUSD Elliott Wave Video
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