Elliott Wave Technical Analysis – Silver

Silver Elliott Wave AnalysisSince mid-November, Silver has been on a rebound with a reduced momentum. The sluggishness of the rally could mean that the pressure from 23 October will continue lower toward $28. However, the pullback from 23 October ends above the 26.45 pivot, and the larger bullish sequence from January 2024 should continue.Daily Chart AnalysisOn the daily chart, it’s clear the commodity has been bullish in 2024. A 5-wave rally was completed at 32.5 in May 2024 from the 21.91 low of January 2024. This rally was identified as wave ((A)). However, it could also be wave ((1)). This means that Silver is either evolving into a 5-wave structure or a 3-wave structure. The pullback that followed to 26.45 7th August low completed a corrective structure – could be wave ((B)) or ((2)). By projection, the resurgence from 26.45 should extend to $37.4-$44 for either wave ((C)) or ((3)). Meanwhile, from 26.35 another 5-wave impulse rally followed which is identified as wave (1) of ((C)) or (1) of ((3)) before the current pullback emerged from the peak of October 2024. The current pullback can be identified as wave (2). Meanwhile, it appears wave (2) has not finished yet.H4 Chart AnalysisOn the H4 chart, the price is current on a bounce for wave B of (2) and very close to a Fibonacci confluence zone for resistance. Unless the rally breaches 32.67, the downside is favored to continue in the short term to finish wave (2) before the price turns to the upside again to begin wave (3) toward $40.Technical Analyst : Sanmi AdeagboMore By This Author:Unlocking ASX Trading Success: Washington H Soul Pattinson & Company Limited
Elliott Wave Technical Analysis – PayPal Holdings Inc.
Elliott Wave Technical Analysis: U.S. Dollar/Japanese Yen – Thursday, Dec. 5