Executive Summary
- Silver has started its 3rd wave advance
- Dips are likely to be temporary
- Silver prices should remain above $30.12 under this model and possibly reach $39-40 in wave (iii) over the coming months
Current Elliott Wave Count for Silver Price
The current Elliott wave count on a 4-hour price chart for silver is wave iii of (iii). This means silver is about halfway through wave (iii) that began September 6 at a price of $27.68.
By the time wave (iii) is finalised, silver could be near $39-40.
We know from our Elliott wave studies that a third wave must be an impulse pattern. Since we estimate the current position of wave iii of (iii), then after a small dip in wave iv, then, another rally in wave v of (iii) should carry to fresh highs approaching $39-40.
If any small correction develops, it will likely hold above $32.75, the upper boundary of a parallel channel.
This strong rally in the price of silver has been forecasted going back to our Q3 2024 report when silver was trading near $29.
Our latest forecast was shared on September 30 calling for a dip to $30.55-$30.79 and possibly as low as $29.48-$29.70. Silver prices bottomed at $30.12 on October 8. That dip would be wave ii of (iii) and lead to the strong bullish rally we are witnessing now.
Bottom Line
Silver is rallying in wave iii of (iii). This rally is anticipated to carry up to $39-40 to finish wave (iii). Once wave (iii) is complete, then a mild correction lower would begin for wave (iv).
This forecast would remain valid so long as silver holds above $27.69.
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