The price of Silver, one of the most heavily traded precious metals, is at an interesting point. Because the B wave of the weekly correction is potentially over. Long-term forecasting of the silver chart is no easy task because:
- the market is currently in several years-long B wave correction,
- there are many possible wave combinations, structures, and patterns within this B wave.
Preferred Elliott wave count and forecast of the XAGUSD weekly chart
This is my preferred count as it seems a long-term bullish run has been long overdue on Silver. Considering the momentum of bullish sub-waves within the two-year-long primary B wave, we could have quite an aggressive C wave.
Because of the ambiguities regarding the sub-wave count of A, the overall ABC structure could either be Flat or a ZigZag. In either case, the C wave has to be impulsive comprising of 5 sub-waves.
XAGUSD Alternate count and forecast – 1
As per this alternate count, X wave triangle is complete and the market is within the Y wave – the final leg of the B wave. Although this is my most credible alternate count, this count has an equal possibility to play out, same as the preferred count.
One could observe the market very closely when the price reaches the bottom trendline of the triangle. Because that would be the crucial point that the market reveals or provides some clues of the overall B wave structure.
XAGUSD Alternate count and forecast – 2
This second alternate count is considered a standby because the forecast for the immediate future is same as that of the preferred wave count (a bullish wave). This is just a reminder that if the market provides an impulsive bullish move as forecasted in the preferred count, even then the overall B wave might not be over.