Elliott Wave Expects Silver (XAGUSD) Pullback to Find Support
Short Term Elliott Wave in Silver (XAGUSD) suggests the metal rallies in impulsive structure from 10.3.2023 low. Up from there, wave (1) ended at 25.91 and dip sin wave (2) ended at 21.94. The metal then extended higher in wave (3) towards 29.79. Pullback in wave (4) ended at 26.02 as the 1 hour chart below shows. The metal has resumed higher in wave (5). Internal subdivision of wave (5) is unfolding as a 5 waves impulse Elliott Wave structure.
Up from wave (4), wave ((i)) ended at 27.51 and pullback in wave ((ii)) ended at 26.99. Silver then extended higher in wave ((iii)) towards 28.76 and pullback in wave ((iv)) ended at 27.94. The metal extended higher again in wave ((v)). Up from wave ((iv)), wave (i) ended at 29.18 and pullback in wave (ii) ended at 28.5. The metal extended higher in wave (iii) towards 29.84 and pullback in wave (iv) ended at 29.31. Expect the metal to continue higher to complete wave (v) of ((v)) of 1. Then it should pullback in wave 2 to correct cycle from 5.2.2024 low before it resumes higher. Near term, as far as pivot at 26.02 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
Up from wave (4), wave ((i)) ended at 27.51 and pullback in wave ((ii)) ended at 26.99. Silver then extended higher in wave ((iii)) towards 28.76 and pullback in wave ((iv)) ended at 27.94. The metal extended higher again in wave ((v)). Up from wave ((iv)), wave (i) ended at 29.18 and pullback in wave (ii) ended at 28.5. The metal extended higher in wave (iii) towards 29.84 and pullback in wave (iv) ended at 29.31. Expect the metal to continue higher to complete wave (v) of ((v)) of 1. Then it should pullback in wave 2 to correct cycle from 5.2.2024 low before it resumes higher. Near term, as far as pivot at 26.02 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
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