Short Term Elliott Wave View in Silver (XAGUSD) suggests cycle from 12.19.2024 low is in progress as 5 waves. Up from 12.19.2024 low, wave (1) ended at 33.39. Wave (2) pullback unfolded as a zigzag Elliott Wave structure. Down from wave (1) at 33.39, wave A ended at 31.88 and wave B ended at 33.2 as the 1 hour chart below shows. Wave C lower subdivided into 5 waves impulse. Down from wave B, wave ((i)) ended at 32.34 and wave ((ii)) ended at 32.73. Wave ((iii)) lower ended at 31.26 and wave ((iv)) ended at 31.95. Final leg wave ((v)) ended at 30.8 which completed wave C of (2).
The metal has turned higher in wave (3). Up from wave (2), wave ((i)) ended at 31.4 and wave ((ii)) ended at 31.1. Wave ((iii)) higher ended at 32.72 and pullback in wave ((iv)) ended at 32.24. Final leg wave ((v)) ended at 32.76 which completed wave 1 in higher degree. Pullback in wave 2 is in progress to correct cycle from 2.28.2025 low before it resumes higher. Down from wave 1, wave ((a)) ended at 32.08 and wave ((b)) ended at 32.66. Expect wave ((c)) of 2 to end above 30.8 invalidation level for the next leg higher. As far as pivot at 30.8 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.
