Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of Silver (XAGUSD) published in members area of the website.  As our members know Silver  has recently  made pull back that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the May 4th peak and completed correction right at the Equal Legs zone ( Blue Box Area) . In further text we’re going to explain the  Elliott Wave pattern  and forecastBefore we take a look at the real market example, let’s explain Elliott Wave Double Three pattern. Elliott Wave Double Three PatternDouble three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling. Silver XAGUSD Elliott Wave Daily Chart 09.30.2023Silver is doing correction that is unfolding as a 7 swings pattern. Pull back has (W)(X)(Y) blue labeling. First leg (W) is having Zig Zag Structure  – 3 waves ABC red, while (Y) leg is WXY Double Three Pattern. The structure is still incomplete at the moment. We expect to see another leg down toward extreme area: 21.27-18.8 blue box ( buying zone). Once Silver reaches proposed extreme zone, we expect the commodity to make a rally toward new highs or in 3 waves bounce alternatively. We don’t like selling and preferring the long side from the Blue Box Area. Once the price reaches 50 fibs against the (X) blue high, we will make long positions risk free (put SL at BE) and take the partial profits. Silver XAGUSD Elliott Wave Daily Chart 10.28.2023Silver found buyers at the Blue Box Area as expected. The commodity made nice rally from the Buying Zone and made 5 waves up from the 20.66 low. Bounce already reached 50 fibs against the (X) blue connector which confirms cycle from the peak is done for sure. Consequently, any long positions from the equal legs area should be risk free by now. As far as the price stays above 20.66 low, we can see further strength in the commodity.Keep in mind  not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.   Elliott Wave ForecastWe cover 78 instruments in total, but it’s important to keep in mind that not every chart is trading recommendation. We present Official Trading Recommendations in Live Trading Room.  If not a member yet,  Sign Up for 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy.Please keep in mind that we don’t make the market and our forecasts don’t have 100% accuracy. However, we do have a system which allows us to get out Risk Free + cash partial profit from the trade, even if primary analysis gets wrong. Join us now and start learning from market experts. If you are looking for professional real-time analysis in Forex, Indices, commodities,Crypto currencies , stocks and ETFs you have come to the right place.More By This Author:Russell 2000 Soon Will Open Bearish SequenceEURUSD: Catching The 130 PIP 1:10 Risk/Reward Move HigherS&P 500 Looking To End Diagonal