Elliott Wave Analysis: Spot Silver (XAGUSD) Targeting Fresh All-Time Highs
Spot Silver (XAGUSD) has mounted a notable recovery following the sharp decline from its all-time high of $54.46 to the $45.40 low registered on 28 October. We interpret this decline as the completion of wave (4) within the broader impulsive structure. While the metal has yet to decisively break above the $54.46 high to fully negate the possibility of a double correction, it currently trades just a few cents below that threshold. Given this proximity, the likelihood of a double correction at this stage appears minimal.From the wave (4) low, price action has unfolded as a nesting five-wave impulsive sequence. Wave ((i)) concluded at $48.45, followed by a corrective pullback in wave ((ii)) that ended at $47.22. The advance resumed with wave ((iii)) reaching $49.14, while wave ((iv)) retraced modestly to $48.65. The final leg, wave ((v)), terminated at $49.36, thereby completing wave 1 of a higher degree.
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