Silver Elliott Wave AnalysisFunction -Counter-TrendMode – CorrectiveStructure – Double zigzag for wave B (circled)Position – Wave C of (Y)Direction – Wave C of (Y) is still in playThe corrective pullback from May 2024 is still in progress, but it seems to be entering its final phase. Buyers may soon step in to drive Silver prices higher, potentially reaching a new high for 2024.Daily Chart AnalysisOn the daily chart, the impulse wave sequence that began in January 2024 concluded in May 2024, followed by a corrective pullback labeled as wave B (circled). The earlier impulse sequence is labeled as wave A (circled), and after the current corrective phase, wave C (circled) is expected to emerge as another impulse wave, similar to wave A (circled), with the potential to push prices above $36. However, the wave B (circled) pullback has yet to complete its double zigzag structure.
H4 Chart AnalysisThe H4 chart offers a closer look at the sub-waves within wave B (circled), showing the final stage of a double zigzag pattern. Wave (W) ended with a zigzag formation on June 13th, 2024, followed by wave (X), which formed an irregular flat pattern, completing on July 11th. The current wave (Y), which began on July 11th, should complete the double zigzag pattern. Waves A and B of (Y) have already concluded, and the price is now declining in wave C of (Y). Wave C could end as an impulse or an ending diagonal pattern. The commodity might decline further to around $26, where it could complete the ending diagonal, find support, and then resume its year-long impulse cycle.
Conclusion
The corrective pullback on SIlver seems to be nearing its end, and a bullish resurgence could be on the horizon. Traders should watch for signs of the correction completing around the $26 level, which may offer a strong buying opportunity as the next impulse wave begins, potentially driving prices to new 2024 highs.Technical Analyst : Sanmi AdeagboMore By This Author:Elliott Wave Technical Analysis: Walmart Inc. – Monday, Aug. 12
Unlocking ASX Trading Success: WiseTech Global Limited
Elliott Wave Technical Analysis: U.S. Dollar/Japanese Yen – Monday, Aug. 12
