SILVER – Wave 3 Breakdown Using Elliott Wave Theory

3-Day Silver Chart Analysis

We're analyzing the full structure of Wave 3, which itself consists of 5 smaller waves, following the Elliott Wave impulsive pattern:

Impulse Wave Structure (5 Waves):
Wave 1: 5 subwaves (either impulse or leading diagonal)
Wave 2: 3-wave correction
Wave 3: 5 subwaves (impulse)
Wave 4: 3-wave correction
Wave 5: 5 subwaves (can be impulsive or corrective)

Right now, we’re in Wave 5 of Wave 3, and within that, we’re in subwave 1, expecting a subwave 2 correction next.

Trade Plan:
- Watch for the subwave 2 correction to develop
- Once wave C of the correction forms, draw a trendline and enter on the breakout
- Set hard stops below the invalidation level, or under Wave 2 after the breakout
- Take profit levels: 35, 37, 39

Good luck and as always, trade safe!

Take a look at our earlier Silver setups below:

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