Short Term Elliott Wave view suggests the rally from September 24, 2020 low in Silver ended wave ((1)) as a leading diagonal. Pullback in wave ((2)) is now in progress as a zigzag Elliott Wave structure. Down from wave ((1)) high, wave 1 ended at 26.58 and bounce in wave 2 ended at 27.35. The metal then extended lower in wave 3 towards 24.45, and bounce in wave 4 ended at 25.5. Final leg lower in wave 5 ended at 24.31. This completed wave (A) of the zigzag in higher degree.
Bounce in wave (B) is currently in progress to correct the decline from January 6 high as a zigzag in lower degree before the decline resumes. Up from wave (A0 low at 24.31, wave ((i)) ended at 25.23 and wave ((ii)) ended at 24.52. The metal resumed higher and ended wave ((iii)) at 25.61. Pullback in wave ((iv)) ended at 25.08. Expect the metal to end wave ((v)) of A soon, then pullback in wave B before another leg higher in wave C to end wave (B). Afterwards, as far as pivot at 27.92 high remains intact, Silver has scope to extend lower.
Silver 60 Minutes Elliott Wave Chart
