The short term Elliott Wave analysis for XAGUSD (Silver) suggests that the cycle from the 5.20.2024 high is still in progress, forming a double three structure. The downward movement from the high on 5.20.2024 saw wave ((a)) ending at 30.03 and wave ((b)) rallying to 32.29. Following this, wave ((c)) moved lower, ending at 29.36 which completed wave W. The subsequent rally in wave X reached a high of 31.53, as seen on the 1-hour chart.
The current wave formation points towards wave Y lower now in progress, forming another double three in a lower degree. The downward movement from wave X saw wave (a) ending at 29.1, followed by a rally in wave (b) ending at 30.25. Wave (c) then proceeded lower, ending at 28.64, completing wave ((w)) in a higher degree. The rally in wave ((x)) took the form of a zigzag structure. Following this, wave (a) ended at 29.57, with a pullback in wave (b) ending at 28.90. Wave (c) higher then concluded at 30.84, completing wave ((x)) in a higher degree.
The metal has now turned lower in wave ((y)), with the downward movement from wave ((x)) seeing wave (a) ending at 29.32 and a rally in wave (b) ending at 29.72. The metal has since extended lower in wave (c). Looking ahead in the near term, it is expected that as long as the pivot at 31.53 high remains intact, any rally will likely fail in a 3, 7, 11 swing pattern, indicating further downside movement.
The current Elliott Wave analysis for the XAGUSD (Silver) market points towards a continuation of the downward movement, with wave Y lower still in progress. It is crucial for traders and investors to closely monitor the pivot at 31.53 high, as any breach of this level could signal a change in the current wave structure. Keeping a close eye on the market developments and adhering to proper risk management practices will be essential in navigating the uncertainty and volatility in the silver market.