XAG/USD: The Elliott Wave Structure confirms a possible uptrend for Silver, with a potential test of the all-time high. Specifically, the correction down from the Aug 2020 high counts as an expanding flat at the near $17.55 Aug 2022 low, and a nice impulse cut out the ensuing rally. Once this impulse was corrected, the uptrend resumed. As a result, Silver should be well on its way for a possible test of the $49.82 2011 all-time high.
Technically, $Silver’s new uptrend is strong on the daily! CMF(20) is at 0.076 now that the bulk of the volume is favoring the upside for the last 20 days. the ADX is ticking nicely to the upside at 29.71 with +Di at 31.06 while -Di is down at 12.68.
$SILVER STOCKCHARTS.COM
XAG/USD WEEKLY BAR ELLIOTT WAVE FORCAST
XAG/USD: Silver priced in USD completed its corrective downswing from the $29.861 Aug 2020 high. Subsequently, the Elliott Wave structure took the form of an expanding flat completing at the $17.557 Aug 2022 low.
XAG/USD DAILLY BAR
From there, price rallied forming Intermediate Degrees (1) and (2) putting the metal on its way to a possible test of the all-time high.
XAG/USD 4-HOUR BAR
Either a series of one-twos or a leading diagonal at the $23.528 March 24 high could form the structure up from Intermediate Degree (2). Currently, the correction from this high is underway, and the structure’s nature will depend on how deep this retracement goes. If the price falls below the $22.154 support, the pattern up from Intermediate (2) low is likely to be the leading diagonal at the March high.
ELLIOTT WAVE SERIES OF 1-2s
ELLIOTT WAVE LEADING DIAGONAL
