The short-term Elliott Wave analysis of XAGUSD (Silver) suggests that the cycle from the 5.20.2024 high is still in progress, forming a complex double three structure. The price action reveals that wave ((a)) ended at 30.03, wave ((b)) rallied to 32.29, and wave ((c)) dropped to 29.36, completing wave W. The subsequent rally in wave X topped at 31.53, as shown on the 1-hour chart.
The ongoing wave Y lower seems to be unfolding as another double three pattern in a lower degree. From the peak of wave X, wave (a) concluded at 29.1, with a subsequent rally in wave (b) reaching 30.25. The downward movement of wave (c) completed wave ((w)) in a higher degree. The rally in wave ((x)) took the shape of a zigzag, with wave (a) hitting 29.57, wave (b) retracing to 28.90, and wave (c) rising to 30.84. Currently, the market is in the declining phase of wave ((y)).
Considering the recent price action, the analysis suggests that the price of silver may continue to move lower as long as the pivot at 31.53 remains intact. The expected pattern indicates a potential failure of the rally in 3, 7, 11 swing, leading to further downside movement.
Overall, the Elliott Wave analysis of XAGUSD offers valuable insights into the current market sentiment and potential price projections. Traders and investors can use this information to make informed decisions regarding their silver trading strategies. It is essential to monitor the price action closely and adjust the trading plan according to the evolving market dynamics.