Eric Morera

Elliott Wave View: Rally in Silver May End Soon


Short Term Elliott Wave View in Silver (XAGUSD) suggests cycle from 3/8/2022 high ended as a 5 waves impulse structure at 20.42. This impulse wave lower ended wave (1). Wave (2) corrective rally is now in progress as a . Rally from wave (1) began the first leg of a zig zag correction. Wave ((a)) ended at 21.29 and a pullback in wave ((b)) ended at 20.82. Silver then resumed higher in wave ((c)) and ended at 21.92 as wave W in higher degree.

Down from wave W high on May 17, wave ((a)) ended at 21.44 and bounce in wave ((b)) ended at 21.75. Then the metal extends lower in wave ((c)) towards 21.26 which completed the connector as wave X. Rally from wave X is a zig zag correction to complete wave Y and wave (2). Wave ((a)) of Y formed an impulse and ended at 22.08. Correction in wave ((b)) made a irregular flat correction ending at 21.64. Next push higher we are calling a motive wave as wave ((c)) to complete wave Y and the whole structure as wave (2) correction. This last leg higher should complete one more high above 22.20 where Silver should turn lower again or at least see 3 waves pullback.

Silver (XAGUSD) 60 Minutes Elliott Wave Chart

Silver (XAGUSD) Elliott Wave Video

#elliottwave #trading #silver

Elliott Forecast
Elliott Forecast (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 52 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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