Short Term Elliott Wave in XAGUSD (Silver) suggests cycle from 5.20.2024 high remains in progress as a double three structure. Down from 5.20.2024 high, wave ((a)) ended at 30.03 and wave ((b)) rally ended at 32.29. Wave ((c)) lower ended at 29.36 which completed wave W. Rally in wave X has ended at 31.53 as the 1 hour chart below shows. Wave Y lower is now in progress as another double three in lower degree.
Down from wave X, wave (a) ended at 29.1 and rally in wave (b) ended at 30.25. Wave (c) lower ended at 28.64 which completed wave ((w)) in higher degree. Rally in wave ((x)) unfolded as a zigzag structure. Up from wave ((w)), wave (a) ended at 29.57 and pullback in wave (b) ended at 28.90. Wave (c) higher ended at 30.84 which completed wave ((x)) in higher degree. The metal has turned lower in wave ((y)). Down from wave ((x)), wave (a) ended at 29.32 and rally in wave (b) ended at 29.72. The metal has extended lower in wave (c). Near term, as far as pivot at 31.53 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
XAGUSD 60 Minutes Elliott Wave Chart
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