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Elliott Forecast

Daud Bhatti

Elliott Wave View: Silver (XAGUSD) Has Scope for Further Downside

September 20, 2023 By

Short Term Elliott Wave View in Silver (XAGUSD) suggests decline from 7.20.2023 high is in progress as a . Down from 7.20.2023 high, wave 1 ended at 22.608 and rally in wave 2 ended at 25. The metal extends lower in wave 3 with internal subdivision as 5 waves. Down from wave 2, wave ((i)) ended at 24.34 and rally in wave ((ii)) ended at 24.82. The metal extended lower in wave ((iii)) towards 22.82 and rally in wave ((iv)) ended at 23.21. Final leg wave ((v)) ended at 22.28 which completed wave 3.

The metal then corrected higher in wave 4 as zigzag in lesser degree. Up from wave 3, wave ((a)) ended at 23.28 and dips in wave ((b)) ended at 22.94. Final leg wave ((c)) ended at 23.41 which completed wave 4. The metal then turned lower again in wave 5. Near term, as far as pivot at 25.02 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside in wave 5. Potential target lower for wave 5 is a 100% – 161.8% Fibonacci extension from 5.5.2023 high which comes at 21 – 21.84 area.

Silver (XAGUSD) 60 Minutes Elliott Wave Chart

XAGUSD Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-silver-xagusd-scope-downside/

20/09/2023 1 EN

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Elliott Forecast

Elliott Forecast

Elliottwave-Forecast.com (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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Daud Bhatti

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