Silver has entered a significant corrective phase after reaching an all‑time high of $121.6 on January 29. The decline from this peak reveals an incomplete bearish sequence, unfolding with internal subdivisions that align with a double three Elliott Wave structure. From the January 29 high, wave ((A)) concluded at $106.76, followed by a rally in wave ((B)) that terminated at $118.46. The metal then resumed its downward trajectory in wave ((C)), which developed into a clear five‑wave structure.
Within this decline, wave (1) ended at $107.94, while wave (2) retraced to $112.48. The subsequent drop in wave (3) reached $95.06, and a corrective rally in wave (4) lifted prices to $104.05. Finally, wave (5) extended lower to $74.32, completing wave w at a higher degree. The subsequent recovery unfolded as wave x, which took the form of an expanded flat correction.
From wave w, wave ((A)) advanced to $87.92, before a pullback in wave ((B)) drove prices down to $71.31. A final push higher in wave ((C)) ended at $92.19, completing wave x. The market has since turned lower in wave y, which is subdividing into a zigzag pattern. Wave ((A)) of y is projected to extend toward the $53.7–$61.1 region. This target corresponds to the 61.8–76.4 Fibonacci extension of wave w, reinforcing its technical significance.
In the near term, traders should anticipate that any short‑lived rallies will fail within either three or seven swings, paving the way for further downside pressure. The structure suggests that silver remains vulnerable, and the corrective cycle is not yet complete.
Silver (XAGUSD) 60 minute chart
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