Silver has made a new 52 week high this week suggesting last year’s correction is over. From the 60 minutes chart below, we can see the rally from January 18 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from wave ((2)) low on January 18, wave ((i)) ended at 25.56, and pullback in wave ((ii)) ended at 25.01. Wave ((iii)) ended at 25.9, wave ((iv)) ended at 25.67 and wave ((v)) ended at 26.04. This completed wave 1 in higher degree.
Silver then pullback in wave 2 which ended at 24.68. Internal subdivision of wave 2 unfolded as a zigzag structure where wave ((a)) ended at 25, wave ((b)) ended at 25.46, and wave ((c)) ended at 24.67. Silver continued to rally higher in wave 3 towards 30.09 as another impulse in lesser degree. Up from wave 2 low, wave ((i)) ended at 27.65, wave ((ii)) ended at 26.65, wave ((iii)) ended at 29.01, wave ((iv)) ended at 27.93, and wave ((v)) ended at 30.09. Pullback in wave 4 is expected to be still in progress towards 27.24 – 25.97 area from where rally should resume in wave 5 or we should get a 3 waves bounce at least.
Silver 60 Minutes Elliott Wave Chart