Silver (XAGUSD) Looking for Dips to Find Support

10 Jul

Short Term Elliott Wave View in Silver (XAGUSD) suggests that pullback to 28.58 ended wave (4). The metal has turned higher again in wave (5) as the 1 hour chart below shows. It still needs to break above the previous wave (3) peak at 32.51 to rule out a larger double correction. Up from wave (4), wave (i) ended at 28.95 and wave (ii) ended at 28.66. Wave (iii) higher ended at 29.25, and pullback in wave (iv) ended at 28.76. Wave (v) ended at 29.62 which completed wave ((i)). Pullback in wave ((ii)) ended at 28.94. The metal has resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 29.81 and pullback in wave (ii) ended at 29.3.

Wave (iii) higher ended at 30.66 and pullback in wave (iv) ended at 30.19. Final wave (v) higher ended at 30.69 which completed wave ((iii)). Pullback in wave ((iv)) ended at 30.1 and the metal has resumed higher in wave ((v)) towards 31.49 which completed wave 1 in higher degree. Wave 2 pullback is now in progress to correct cycle from 6.26.2024 low. The internal subdivision of the pullback is in the form of 7 swing double three Elliott Wave structure. Down from wave 1, wave ((w)) ended at 30.4 as a zigzag. Wave ((x)) bounce is in progress, after which another leg lower in wave ((y)) should happen in 3 waves to complete wave 2. Near term, as far as pivot at 28.58 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.