📈 This daily analysis of Silver (XAGUSD) begins from the impulsive move starting in September 2022 at $17.535. Based on Elliott Wave Theory, the market appears to be entering the early stages of a potential Wave 5.
🔹 **Conservative Scenario:** Wave (2) within Wave 5 may be developing. As long as price holds above the 23.6%–50% Fibonacci retracement zone ($31.674 – $29.556), we expect Wave 3 of 5 to launch toward the $37.60 – $41.94 targets.
🔹 **Aggressive Scenario:** If the correction has already completed, Wave 3 of 5 might be underway. Any corrective pullback can be viewed as a continuation opportunity within the bullish trend.
🔻 **Invalidation Levels:**
▫️ First: $31.674
▫️ Second: $27.942
As long as price remains above these levels, the bullish count stays valid.
📌 The current wave structure remains aligned with the bullish channel, supporting further upside potential into Wave 5.
– Patterns whisper. I listen.
– Mr. Nobody 🎧📊
🔹 **Conservative Scenario:** Wave (2) within Wave 5 may be developing. As long as price holds above the 23.6%–50% Fibonacci retracement zone ($31.674 – $29.556), we expect Wave 3 of 5 to launch toward the $37.60 – $41.94 targets.
🔹 **Aggressive Scenario:** If the correction has already completed, Wave 3 of 5 might be underway. Any corrective pullback can be viewed as a continuation opportunity within the bullish trend.
🔻 **Invalidation Levels:**
▫️ First: $31.674
▫️ Second: $27.942
As long as price remains above these levels, the bullish count stays valid.
📌 The current wave structure remains aligned with the bullish channel, supporting further upside potential into Wave 5.
– Patterns whisper. I listen.
– Mr. Nobody 🎧📊
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