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Silver (XAGUSD) shows developing Elliott Wave (5) after wave (4) ends
After a wave (4) corrective pullback ended near $62.54, the analysis points to wave (5) developing, with a near-term pivot at $62.61.
Silver (XAGUSD) is in a short term Elliott Wave scenario where the cycle that began at the July 17, 2026 low is described as continuing in an impulsive structure, according to Action Forex. The outlook traces wave (1) to $60.929, wave (2) to $56.539, wave (3) to $66.79, and a subsequent wave (4) decline that ended at $62.54.
Within that wave (4) move, the analysis breaks down a zigzag: wave A finished at $63.47, wave B at $66.56, and wave C at $62.61. It says completion of wave C also marked the end of wave (4) at a higher degree, reinforcing the broader impulsive context.
The piece adds that wave (5) has begun to develop. From the wave (4) low, wave 1 progressed to $70.01, and wave 2 is currently in progress as the metal works through a correction from the August 19 low.
In the near term, the analysis identifies $62.61 as a key pivot level, saying that as long as it holds, dips are expected to find support within the corrective sequence and allow for further upside potential in the larger impulsive structure. Action Forex also notes the correction may take either three or seven swings before silver resumes its advance.
Latest closeSilver $64.83 ▼0.1%