Elliott Wave View in Silver (XAGUSD) Favors the Metal Going High

5 Ara

Short Term Elliott Wave in Silver (XAGUSD) shows that the metal ended wave ((4)) at 29.63. The metal has turned higher in wave ((5)). The structure of the rally is unfolding as a 5 waves Elliott Wave impulse structure. Up from wave ((4)) low on 11.28.2024, wave (i) ended at 30.29 and wave (ii) dips ended at 30.17. Wave (iii) higher ended at 30.75 and pullback in wave (iv) ended at 30.56. Final leg wave (v) higher ended at 30.89. This completed wave ((i)) in higher degree. Pullback in wave ((ii)) ended at 30.04 with internal subdivision as a zigzag. Down from wave ((i)), wave (a) ended at 30.5 and wave (b) ended at 30.73. Wave (c) lower ended at 30.04 which completed wave ((ii)).

The metal has resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 30.67 and wave (ii) pullback ended at 30.3. Wave (iii) higher ended at 31.07 and pullback in wave (iv) ended at 30.7. Final leg wave (v) ended at 31.13 which completed wave ((iii)). Pullback in wave ((iv)) ended at 30.44 and final wave ((v)) higher ended at 31.47. This should complete wave 1 in higher degree. Pullback in wave 2 is now in progress to correct cycle from 11.28.2024 low in 3, 7, 11 swing before the metal resumes higher again.