The rally in Silver from the 28 October low continues to unfold as a five‑wave impulse Elliott Wave sequence, though the structure remains incomplete. From that low, wave 1 advanced to 54.39, followed by a corrective pullback in wave 2 that concluded at 48.6. The metal then resumed its upward trajectory in wave 3, which itself subdivides into another five‑wave sequence of lesser degree. From the termination of wave 2, wave ((i)) reached 53.85, while the subsequent pullback in wave ((ii)) settled at 52.86.
Momentum strengthened as wave ((iii)) extended to 58.84, before wave ((iv)) corrected modestly to 56.55. The market should now push higher in wave ((v)), thereby completing the larger wave 3. The potential termination zone for wave 3 aligns with the 100% to 161.8% Fibonacci extension of wave 1, calculated at 57.8 to 63.4. This region has already been tested, suggesting that the cycle is mature and wave 3 may be approaching completion.
Once wave 3 concludes, a corrective phase in wave 4 should emerge, retracing the cycle from the 21 November low before the broader trend resumes upward. In the near term, as long as the pivotal support at 48.64 remains intact, pullbacks should attract buyers. These retracements may unfold in sequences of three, seven, or eleven swings, providing opportunities for renewed upside participation.
