Elliott Wave View: Silver (XAGUSD) Double Three Correction in Progress – Action Forex

Short Term Elliott Wave view in Silver (XAGUSD) suggests cycle from 10.22.2024 high is in progress as a double three Elliott Wave structure. Down from 10.22.2024 high, wave (W) ended at 29.68 and wave (X) rally ended at 32.32 Wave (Y) lower is in progress and unfolding as another double three Elliott Wave structure in lower degree. Down from wave (Y), wave W ended at 28.73 as the 1 hour chart below shows.

Up from wave W, wave ((w)) ended at 29.88 and wave ((x)) ended at 28.75. Wave ((y)) higher ended at 30.67 which completed wave X in higher degree. The metal has turned lower in wave Y. Down from wave X, wave (i) ended at 30.08 and wave (ii) rally ended at 30.37. Wave (iii) lower ended at 29.49 and wave (iv) rally ended at 29.75. The metal should extend lower in wave (v) to complete wave ((a)). Then it should rally in wave ((b)) to correct cycle from 1.10.2025 high for further downside. Near term, as far as pivot at 30.67 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.

XAGUSD (Silver) 60 Minutes Elliott Wave Chart