📈 This daily analysis of Silver (XAGUSD) begins from the impulsive move starting in September 2022 at $17.535. Based on Elliott Wave Theory, the market appears to be entering the early stages of a potential Wave 5.
🔹 **Conservative Scenario:** Wave (2) within Wave 5 may be developing. As long as price holds above the 23.6%–50% Fibonacci retracement zone ($31.674 – $29.556), we expect Wave 3 of 5 to launch toward the $37.60 – $41.94 targets.
🔹 **Aggressive Scenario:** If the correction has already completed, Wave 3 of 5 might be underway. Any corrective pullback can be viewed as a continuation opportunity within the bullish trend.
🔻 **Invalidation Levels:**
▫️ First: $31.674
▫️ Second: $27.942
As long as price remains above these levels, the bullish count stays valid.
📌 The current wave structure remains aligned with the bullish channel, supporting further upside potential into Wave 5.
– Patterns whisper. I listen.
– Mr. Nobody 🎧📊
🔹 **Conservative Scenario:** Wave (2) within Wave 5 may be developing. As long as price holds above the 23.6%–50% Fibonacci retracement zone ($31.674 – $29.556), we expect Wave 3 of 5 to launch toward the $37.60 – $41.94 targets.
🔹 **Aggressive Scenario:** If the correction has already completed, Wave 3 of 5 might be underway. Any corrective pullback can be viewed as a continuation opportunity within the bullish trend.
🔻 **Invalidation Levels:**
▫️ First: $31.674
▫️ Second: $27.942
As long as price remains above these levels, the bullish count stays valid.
📌 The current wave structure remains aligned with the bullish channel, supporting further upside potential into Wave 5.
– Patterns whisper. I listen.
– Mr. Nobody 🎧📊
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.