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Silver XAGUSD Commodity Elliott Wave Technical Analysis


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Silver Elliott Wave Analysis
Function -Counter-Trend
Mode - Corrective
Structure -Double Zigzag for wave B (circled)
Position - Wave (Y) of B
Direction - Wave (Y) of B is still in play
Details - After violating the last update, we have a new outlook on daily and H4 that better fits the current price action. A lower extension is now expected for Silver.

Silver Elliott Wave Analysis: Extended Decline and Bullish Outlook
Overview:
The decline in Silver that began on May 20th is continuing to extend lower and is expected to persist before finding significant support. Despite this downturn, the year-long trend remains bullish and is anticipated to resume once this corrective phase concludes. The emerging chart pattern suggests a further decline towards $27 in the coming days or weeks.
 
Daily Chart Analysis:
Two key observations can be made on the daily chart:
  1. Bullish Yearly Trend: The trend for this year has been bullish, leading to a breakout from a prior 13-month sideways price action. This indicates strong underlying bullish momentum.
  2. Corrective Decline: The current decline from April 19th, 2024, is identified as corrective. Therefore, the expectation is that the bullish trend will resume once this corrective structure concludes.
Commodities24.thumb.png.18c694fa51e0d23ede773df7d8b0a9d2.png
 
To determine when the corrective structure will finish, it’s important to identify the emerging pattern. Early analysis suggests that the price might be forming a double zigzag Elliott wave corrective structure, labeled as waves (W)-(X)-(Y). Wave (W) and wave (X) completed on June 13th and June 21st, respectively. The price is now breaking down in wave (Y), which could extend to $27 or lower. Meanwhile, the year-long impulse is labeled as wave A (circled) in the primary degree, and the double zigzag pullback should complete the corresponding primary degree wave B (circled). Following this, wave (C) is expected to push the price to a fresh 2024 high.
 
H4 Chart Analysis:
The H4 chart provides a detailed view of the sub-waves within the double zigzag structure. The price is currently in wave A of (Y), which is expected to be followed by a minor corrective bounce for wave B. Afterward, the price should continue lower for wave C, completing wave (Y) of B (circled). This pattern aligns with the broader expectation of a corrective phase before the resumption of the bullish trend.
Commodities24(1).thumb.png.203948ac752992752badcb87b68c9daf.png
 
Summary:
  • Current Decline: Silver’s decline from May 20th is expected to continue towards $27 before finding support.
  • Bullish Yearly Trend: Despite the current downturn, the overall trend for the year remains bullish.
  • Corrective Structure: The decline is forming a double zigzag Elliott wave corrective structure.
  • Daily Chart Insight: The trend is expected to resume higher after the completion of the current wave B.
  • H4 Chart Detail: Sub-waves show a minor bounce expected before a further decline to complete wave (Y) of B.
In conclusion, while Silver is currently experiencing a corrective decline, the long-term bullish trend is anticipated to resume once this phase concludes. Traders should watch for a potential bottom around $27 and prepare for a renewed bullish impulse towards new highs in 2024.

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!
 

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