Short Term Elliott Wave view in Silver (XAGUSD) suggests that the metal shows a bearish sequence from 12.4.2023 high. The decline from 12.4.2023 high is unfolding as a zigzag Elliott Wave structure. Down from 12.4.2023 high, wave A ended at 22.49 and wave B rally ended at 24.6. The metal resumes lower in wave C which subdivides into a 5 waves impulsive structure.
Down from wave B, wave (i) ended at 24.07 and wave (ii) ended at 24.48. The metal then resumes lower in wave (iii) towards 22.67. Wave (iv) ended at 23.02 with internal subdivision as a triangle. Final leg wave (v) ended at 22.46 which completed wave ((i)) of C in higher degree. Rally in wave ((ii)) of C is in progress as a zigzag structure. Up from wave ((i)), expect the metal to extend higher to end the first leg wave (a) of the zigzag. Then it should pullback in wave (b) before turning higher again in wave (c) to complete wave ((ii)). Near term, as far as pivot at 24.6 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
Down from wave B, wave (i) ended at 24.07 and wave (ii) ended at 24.48. The metal then resumes lower in wave (iii) towards 22.67. Wave (iv) ended at 23.02 with internal subdivision as a triangle. Final leg wave (v) ended at 22.46 which completed wave ((i)) of C in higher degree. Rally in wave ((ii)) of C is in progress as a zigzag structure. Up from wave ((i)), expect the metal to extend higher to end the first leg wave (a) of the zigzag. Then it should pullback in wave (b) before turning higher again in wave (c) to complete wave ((ii)). Near term, as far as pivot at 24.6 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
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