Silver has reached the daily extreme [Video]

Silver has reached the minimum 100% target on the daily time frame from 1/2/2021 at $18.37. However, the metal can see further downside in the short-term. The short-term Elliott Wave view in Silver (XAGUSD) suggests that the pullback from the 6/6/2022 high is underway as a 5-wave momentum Elliott Wave structure. Below the 6/6/2022 high, wave 1 ended at 20.87 and the rally in wave 2 ended at 21.96. Lower wave 3 is now underway, splitting into another 5 wave pulse of lesser magnitude. From wave 2, wave ((i)) ended at 20:58 and the rally in wave ((ii)) ended at 21:54. The metal then extends down towards 1.1890 in wave ((iii)).

Wave ((iii)) subdivides as another 5-wave impulse to a lesser extent. Wave (i) ended at 20:68 and the rally in wave (ii) ended at 21:06. Then wave (iii) ended at 19:37. Bounce as wave (iv) completed at 20:20 and final decline to complete wave (v) and wave (iii) at 1.1890. Wave (iv) correction ended at 19:48 with an internal division as a zigzag. Currently we are developing a wave ((v)) to the end of wave 3. Wave ((v)) splits up as another 5 wave impulse on a smaller scale. Down from wave ((iv)) wave (i) ended at 18:73 and rally in wave (ii) ended at 19:40 Then wave (iii) ended at 18:12 Bounce as wave (iv) should complete soon and again turn down to end wave (v) of ((v)) and wave 3 remains intact at the 19.48 high expect the rally to fail and the metal to extend lower.

Silver (XAG/USD) 60-minute Elliott Wave chart

Silver Elliott Wave video

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