Elliott Forecast - Silver (XAGUSD) Short Term Bearish Structure

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Elliott Forecast

Daud Bhatti

Silver (XAGUSD) Short Term Bearish Structure

Silver (XAGUSD) cycle from 5.5.2023 high remains in progress with extreme area target of 18.78 – 21.26. Near term, cycle from 7.27.2023 high is in progress as a 5 waves impulse structure. Down from 7.27.2023 peak, wave ((i)) ended at 24.03 and wave ((ii)) rally ended at 24.85. The 1 hour chart below shows the wave ((ii)) starting point. The metal then extended lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 23.37 and rally in wave (ii) ended at 23.78. The metal extended lower in wave (iii) towards 22.6 and rally in wave (iv) ended at 23. Final leg wave (v) ended at 22.21 which completed wave ((iii)).

Corrective bounce in wave ((iv)) is proposed complete at 22.70. Expect the metal to extend lower in wave ((v)) to complete wave 3 in higher degree. Afterwards, it should rally in wave 4 to correct cycle from 7.27.2023 high before it resumes lower again. As far as pivot at 24.85 high stays intact, expect wave 4 rally to fail in 3, 7, or 11 swing for further downside in wave 5. Potential target lower is the extreme area from 5.5.2023 peak at 18.78 – 21.26 where buyers should appear.

17/08/2023 1 EN

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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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Analysts

Daud Bhatti

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Silver (XAGUSD) Short Term Bearish Structure

Elliott Wave Expects Silver (XAGUSD) Pullback to Find Support

Elliott Wave Analysis on SPX Looking to Extend Higher in Impulsive Structure

Ethereum (ETHUSD) : Incomplete Sequences Calling the Decline

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