Short Term Elliott Wave View in Silver (XAGUSD) suggests the rally from December 15, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from December 15, wave 1 ended at 23.43 and pullback in wave 2 ended at 22.01. The metal then extends higher in wave 3 towards 26.94. Pullback in wave 4 is now in progress to correct cycle from wave 2 low at 22.01 before the next leg higher. Internal subdivision of wave 4 is unfolding as a zigzag Elliott Wave structure.
Down from wave 3, wave (i) ended at 25.96 and rally in wave (ii) ended at 26.77. The metal then extends lower in wave (iii) towards 25.38, wave (iv) rally ended at 25.83. Final leg lower wave (v) ended at 25.28 which also completed wave ((a)). Bounce in wave ((b)) ended at 26.06 and the metal has turned lower in wave ((c)). Down from wave ((b)), wave (i) ended at 25.39 and rally in wave (ii) ended at 25.99. Expect the metal to continue lower in wave ((c)) of 4 towards 23.38 – 24.4 area where buyers should appear for more upside or 3 waves rally at least.
