Silver (XAGUSD) cycle from 5.5.2023 high remains in progress with extreme area target of 18.78 – 21.26. Near term, cycle from 7.27.2023 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 7.27.2023 peak, wave ((i)) ended at 24.03 and wave ((ii)) rally ended at 24.85. The 1 hour chart below shows the wave ((ii)) starting point. The metal then extended lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 23.37 and rally in wave (ii) ended at 23.78. The metal extended lower in wave (iii) towards 22.6 and rally in wave (iv) ended at 23. Final leg wave (v) ended at 22.21 which completed wave ((iii)).
Corrective bounce in wave ((iv)) is proposed complete at 22.70. Expect the metal to extend lower in wave ((v)) to complete wave 3 in higher degree. Afterwards, it should rally in wave 4 to correct cycle from 7.27.2023 high before it resumes lower again. As far as pivot at 24.85 high stays intact, expect wave 4 rally to fail in 3, 7, or 11 swing for further downside in wave 5. Potential target lower is the extreme area from 5.5.2023 peak at 18.78 – 21.26 where buyers should appear.