Commodities
Home›Commodities›Precious Metals›Silver steadies after Elliott Wave zigzag pullback
Silver steadies after Elliott Wave zigzag pullback
The analysis expects silver to complete a pullback with another 5 wave drop, targeting 65.15 to 64.13 before buyers step in.
Action Forex describes a technical read on Silver (XAGUSD) using Elliott Wave Zigzag. The outlet says silver has rallied from a prior buying zone, but the recent pullback matches a textbook zigzag corrective pattern.
According to the analysis, the pullback is forming as a 3 wave structure with a 5-3-5 internal setup, and the write-up counts five waves down from a recent peak. It says the current structure appears incomplete and calls for another 5 wave leg lower to finish the correction.
The outlet also links its target area to an Equal Legs measurement and Fibonacci Extension tool. While price stays below a short term high marked as ((b)), Action Forex points to an ideal target range of 65.15 to 64.13.
After silver reaches that zone, the analysis expects buyers to step in, followed by a bounce of at least three waves, with a possibility that the rally could eventually push toward new highs.
Latest closeSilver $65.64 ▼0.4%