Short Term Elliott Wave in Silver (XAGUSD) suggests cycle from February 1 peak is unfolding as a 5 waves diagonal. Down from February 1, wave (1) ended at 23.78 and rally in wave (2) ended at 28.74. The metal then extends lower in wave (3) towards 22.39 and bounce in wave (4) ended at 24.87. The 1 hour chart below shows the metal turning lower again after ending wave (4).
Wave (5) is currently in progress as an impulse structure. It still needs to break below wave (3) at 22.39 to confirm that the next leg lower has started. Down from wave (4), wave (i) ended at 24.61 and rally in wave (ii) ended at 24.82. The metal then extends lower in wave (iii) towards 24.2, wave (iv) ended at 24.55, and final leg wave (v) ended at 23.82. This completed wave ((i)) in higher degree. Rally in wave ((ii)) ended at 24.29 as a zigzag structure.
The metal then extends lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 23.55, wave (ii) ended at 23.96, and wave (iii) ended at 22.58. Near term, while pivot at 24.87 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
