Elliott Wave Analysis: SILVER Is Nearing Strong 20-19 Support

OANDA:XAGUSD   Silver / U.S. Dollar
Hello traders and investors!

We want to update our silver chart from October 26th, where we are still tracking a bigger A-B-C irregular/expanded flat correction and wave C seems to be still in progress, ideally as an ending diagonal (wedge) pattern.

The ending diagonal a.k.a. wedge pattern is a special type of wave that occurs in wave 5 of an impulse, or wave C of a correction. This wave often occurs when the preceding move of the trend has gone too far, too fast, and has run out of steam. An ending diagonal pattern is a type of pattern that can occur at the completion of a strong move. It reflects a “calming” of the market sentiment such that price still moves generally in the direction of the larger move, but not strongly enough to produce an impulsive wave. Ending diagonals consist of five waves, labeled 1-2-3-4-5, where each wave subdivides into three legs. Waves 1 and 4 overlaps in price, while wave 3 can not be the shortest amongst waves 1, 3, and 5.

As you can see, silver can be now trading in wave "v" of C, which should be completed in three legs (a)-(b)-(c), so we assume that silver could find the support at the beginning of 2022, ideally around 50%-61,8% Fibonacci retracement and 20-19 area.

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