Elliott Wave View: Silver (XAGUSD) Has Scope for Further Downsid

Short Term Elliott Wave View in Silver (XAGUSD) suggests decline from 7.20.2023 high is in progress as a 5 waves diagonal. Down from 7.20.2023 high, wave 1 ended at 22.608 and rally in wave 2 ended at 25. The metal extends lower in wave 3 with internal subdivision as 5 waves. Down from wave 2, wave ((i)) ended at 24.34 and rally in wave ((ii)) ended at 24.82. The metal extended lower in wave ((iii)) towards 22.82 and rally in wave ((iv)) ended at 23.21. Final leg wave ((v)) ended at 22.28 which completed wave 3.

The metal then corrected higher in wave 4 as zigzag in lesser degree. Up from wave 3, wave ((a)) ended at 23.28 and dips in wave ((b)) ended at 22.94. Final leg wave ((c)) ended at 23.41 which completed wave 4. The metal then turned lower again in wave 5. Near term, as far as pivot at 25.02 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside in wave 5. Potential target lower for wave 5 is a 100% – 161.8% Fibonacci extension from 5.5.2023 high which comes at 21 – 21.84 area.