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Elliott Wave View: 5 Waves Rally in Silver from March Low

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Silver (XAGUSD) shows a higher high sequence from 6.15.2020 low favoring further upside. Up from 6.15.2020 low, the metal extended higher in wave 1 as5 waves impulse Elliott Wave Structure. The rally in wave 1 ended at 18.07 high. From there, the metal did a pullback in wave 2, which unfolded as azigzag Elliott Wave structure. Wave ((a)) ended at 17.80 low and the bounce in wave ((b)) ended at 17.99 high. Silver then declined lower and ended wave ((c)) of 2 at 17.34 low.

Afterwards, the metal continues to extend higher.It has already broken above the previous wave 1 high, confirming the next leg higher is in progress. From wave 2 low, wave ((i)) ended at 17.96 high. Wave ((ii)) pullback then ended at 17.66 low. Currently wave ((iii)) is in progress. Wave (i) of ((iii)) ended at 17.89 high and wave (ii) pullback ended at 17.76 low. From there, the metal resume higher in wave (iii), which ended at 18.24 high. The pullback in wave (iv) is proposed complete at 18.10 low. Near term, while pullback stays above 17.34 low, expect the dips in 3,7, or 11 swings to find support and silver to continue to extend higher.

Silver (XAGUSD) 1 Hour Elliott Wave Chart

Silver 1 July

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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