Silver Elliott Wave AnalysisSilver Elliott Wave Analysis: Bullish Potential Amid a Volatile August.Silver has experienced a mixed performance so far in August. The commodity initially saw a nearly 3% decline in the first week, but quickly recovered, gaining over $3.2 from a low of just above $26.5. As August progresses, Silver has recorded a modest net gain, setting the stage for potential rallies heading into September. Daily Chart AnalysisThe daily chart reveals that Silver completed an impulsive wave sequence, labeled as wave A (circled), which began in January 2024 and concluded in May 2024. This upward move was followed by a corrective pullback labeled as wave B (circled), marking a temporary pause in the broader bullish trend. The wave B (circled) pullback appears to have taken the form of a double zigzag pattern, suggesting that the correction is nearing its end.With the completion of wave B (circled), the market is now likely entering wave C (circled), which is expected to be an impulse wave similar to wave A (circled). This wave C (circled) could drive prices above the $36 level. The initial leg of this upward movement, labeled wave (1), is currently in its final stages and is expected to complete around the $30 mark.  H4 Chart AnalysisThe 4-hour chart provides a closer look at the current wave structure. Wave (1) is unfolding as an impulse wave, with the market now advancing in wave 5 of (1). This wave 5 could push prices above the $30 threshold, potentially reaching as high as $30.5. However, traders should be aware that a corrective pullback in wave (2) is likely to follow once wave (1) concludes.Despite the anticipated short-term corrections, the overall outlook for Silver remains bullish, with the price favoring a move toward $36 in the longer term. Along the way, two significant pullbacks are expected, offering traders opportunities to buy the dips after confirming the end of each correction. In summary, while Silver may see some volatility and corrective moves in the near term, the broader trend remains upward. Traders should stay alert for potential entry points during the expected pullbacks, as the commodity remains well-positioned for a continued rally toward higher levels.More By This Author:Elliott Wave Technical Analysis: S&P 500 – Monday, Aug. 26
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