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Silver Elliott Wave count stays bearish below $63
After an all-time high at $121.6 on Jan. 29, 2026, the latest count targets a 100% Fibonacci extension near $38.8.
Silver (XAG/USD) has been in a pronounced correction since hitting an all-time high of $121.6 on Jan. 29, 2026, with the latest technical outlook maintaining a downside bias, according to Action Forex.
The analysis says a rally to $63.29 completed wave (B), after which the market resumed lower in wave (C). It breaks down the internal moves as wave ((i)) ending at $57.19, a rebound in wave ((ii)) to $60.76, a drop in wave ((iii)) to $56.84, and a rally in wave ((iv)) to $59.67, with wave ((v)) expected to be nearing completion.
Once this initial leg finishes, the model expects a corrective rebound in wave 2, either across three or seven swings, before the broader decline resumes. In the near term, it also points to a key pivot at $63.3, saying rallies are likely to fail in corrective sequences as long as that level holds.
The piece frames its most extreme objective as the 100% Fibonacci extension at $38.8, noting that whether that level is ultimately reached remains uncertain but that the corrective sequence continues to suggest further downside potential.
Latest closeSilver $59.77 ▲3.7%