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Silver Elliott Wave Analysis Function -TrendMode – TrendStructure – Impulse for (A)Position – Wave 5 of (A)Direction – Wave 5 of (A) in playDetails -Price is completing an impulse breakout from the diagonal that completed wave 4. This is expected to be the 1st sub-wave – blue wave i (circled) of 5 of (A). Silver‘s road to recovery is more than halfway complete. Following the retreat starting on April 12th, lasting nearly three weeks, the commodity now stands poised to rekindle the bullish momentum that has defined much of the year. Anticipation mounts as it gears up to test the highs of 2013 once again.In the broader scope, Silver has been a beacon for buyers since its nadir in March 2020, bottoming out at 11.645. It’s rational to expect this rally to culminate in at least a corrective upswing, likely adopting a zigzag or double zigzag structure. Examination of the daily chart reveals the emergence of a double zigzag pattern, unfolding within the third leg of the supercycle degree – wave (y). Forecasts suggest wave (y) could stretch to the 100% projection of wave (w) from (x), signaling a potential surge to 35.78. This indicates Silver might still notch another 25% gain from its current position, albeit over another six months or more. Alternatively, some interpretations may view the bullish ascent from the March 2020 low of 11.645 as an impulse wave, paving the way for targets surpassing 42.75 and aiming for 47. Whichever scenario unfolds, Silver appears primed for further upswings in the forthcoming months.Zooming into the H4 chart, the impulse wave sequence originating in January 2024 has completed its fourth wave – wave (4) – manifesting as a zigzag structure. Momentum now steers towards the higher realms with wave (5) of primary degree wave A (circled in blue). The potential for an upward surge looms large. As long as the 26.022 low remains intact, this commodity will likely allure buyers in the following weeks and months.Technical Analyst : Sanmi AdeagboMore By This Author:
Elliott Wave Technical Analysis: Silver – Friday, May 10
