Silver has entered a big corrective section after reaching an all‑time excessive of $121.6 on January 29. The decline from this peak reveals an incomplete bearish sequence, unfolding with inside subdivisions that align with a double three Elliott Wave construction. From the January 29 excessive, wave ((A)) concluded at $106.76, adopted by a rally in wave ((B)) that terminated at $118.46. The metallic then resumed its downward trajectory in wave ((C)), which developed into a transparent 5‑wave construction.
Inside this decline, wave (1) ended at $107.94, whereas wave (2) retraced to $112.48. The next drop in wave (3) reached $95.06, and a corrective rally in wave (4) lifted costs to $104.05. Lastly, wave (5) prolonged decrease to $74.32, finishing wave w at the next diploma. The next restoration unfolded as wave x, which took the type of an expanded flat correction.
From wave w, wave ((A)) superior to $87.92, earlier than a pullback in wave ((B)) drove costs right down to $71.31. A last push greater in wave ((C)) ended at $92.19, finishing wave x. The market has since turned decrease in wave y, which is subdividing right into a zigzag sample. Wave ((A)) of y is projected to increase towards the $53.7–$61.1 area. This goal corresponds to the 61.8–76.4 Fibonacci extension of wave w, reinforcing its technical significance.
Within the close to time period, merchants ought to anticipate that any quick‑lived rallies will fail inside both three or seven swings, paving the way in which for additional draw back strain. The construction means that silver stays susceptible, and the corrective cycle just isn’t but full.
Silver (XAGUSD) 60 minute chart
