Elliott Wave View: Silver Has Room for More Upside

Silver 1 hour chart below shows that the metal has ended pullback from July 13 high as wave ((ii)) at 18.85 low. From there, the metal has continued to extend higher. The rally has also broken above previous wave ((i)) high. This confirms that wave ((ii)) is already in place and the next leg higher in wave ((iii)) is already in progress. Up from wave ((ii)) low, silver ended wave (i) at 19.47 high. The pullback in wave (ii) ended at 18.91 low. The metal then extended higher in wave (iii). The internal subdivision of wave (iii) unfolded as a 5 waves impulsive Elliott Wave Structure.

From wave (ii) low, wave i ended at 19.39 high. The dip in wave ii ended at 19.23 low. Afterwards, the metal resumed higher in wave iii, which ended at 21.32 high. Wave iv pullback ended at 21.09 low. The last push higher in wave v ended at 22.82 high. This ended wave (iii) in larger degree. From there, the metal did a pullback in wave (iv) which ended at 22.15 low. The metal can extend for another leg higher before ending wave ((iii)). A break above previous wave (iii) high will confirm that the next leg higher has started. Otherwise, the metal can still do a double correction in wave (iv). While above 18.85 low, expect dips in 3, 7, or 11 swings to find support for further upside.

Silver (XAGUSD) 1 Hour Elliott Wave Chart