{"id":3108,"date":"2024-06-11T19:26:02","date_gmt":"2024-06-11T19:26:02","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=3108"},"modified":"2025-05-15T14:00:49","modified_gmt":"2025-05-15T14:00:49","slug":"silver-stuck-in-corrective-pattern","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/silver-stuck-in-corrective-pattern\/","title":{"rendered":"Silver Elliott Wave: Stuck in Corrective Pattern"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Silver has been stuck in a corrective down wave for 3 weeks<\/li>\n\n\n\n<li>Longer-term trend appears higher with the corrective dip almost complete<\/li>\n\n\n\n<li>Silver prices should remain above $26.01 for the bullish outlook to remain valid<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Silver Has Temporarily Stalled<\/h2>\n\n\n\n<p>Silver has performed well during the first half of 2024 rallying nearly 23% since the opening bell of January. Every trend needs a breather and silver is currently sitting on the park bench, catching its breath.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcyGtQaGpGzQ9aK5ls2zeAhd0dKEW-cIfrYKoh5F_9f86xm_0h85HLZdQCFfBSjOp8ke8glmgnrf8HZVq77qayd0hqLya828ba7hLNK6lWc_QbED-ZiTHlOdnvKXW-ocC0AmoksjJQeGqWn0QMWjtM3r8jx?key=Y_Vd3xhezXUZ84JNInIC0w\" alt=\"\" \/><\/figure>\n\n\n\n<p>Reviewing from an Elliott wave perspective, the decline for the past three weeks is a corrective decline and is anticipated to be temporary.<\/p>\n\n\n\n<p>Once the current wave ((ii)) decline is complete, then silver prices would rally higher in wave ((iii)) of 3, one of the strongest points of the Elliott wave sequence.<\/p>\n\n\n\n<p>The current decline does appear incomplete and it is possible that silver digs lower to around $28.33.<\/p>\n\n\n\n<p>Notice the upward sloping blue trend line. This support line may also hold prices higher.<\/p>\n\n\n\n<div class=\"quick-tip-section disclaimer\"><div class=\"tip__destination\"><\/div><span>ELLIOTT WAVE TIP:<\/span><span>\u00a0<\/span>Draw a trend line from the beginning of the impulse to the end of wave 2 (green circles in chart above) for an estimate of how far wave (ii) of 3 may travel.<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">How Far Will Wave 3 Travel?<\/h2>\n\n\n\n<p>If this analysis is correct and wave ((ii)) ends near $28.33, then the next rally has the potential to carry up to $41 and possibly higher levels. This figure is derived by calculating the 1.618 extension of wave ((i)) projected at the end of wave ((ii))&#8230;a common wave relationship.<\/p>\n\n\n\n<p>Eventually, silver would likely carry even further as the next high would simply represent wave ((iii)) of a five-wave impulse. That means that could still remain further upside in wave ((v)).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Silver Elliott Wave Count<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcj5itQPaN2PSiNsRGFOr7GHOkBgc3J57S4XFE_OR1W-q8y6YuZDi5cTfQ-Z_Kz45Fqgs_nUvDScPDY6xUfHzwfZWBjdI2mL3IqhEwygTYmsbHSz0U0NPz91jJmHcIrscTiIGFz3HWchFZaSCjahhBr84RD?key=Y_Vd3xhezXUZ84JNInIC0w\" alt=\"\" style=\"width:300px\" \/><\/figure>\n<\/div>\n\n\n<p>The current Elliott wave count for silver appears to be wave ((ii)) of 3. According to Eliott\u2019s rules, wave ((ii)) must hold above $26.01 for this wave count to remain valid.<\/p>\n\n\n\n<p>The next wave, a rally in wave ((iii)) of 3 could be really strong and swift carrying up to $41 and possibly higher levels.<\/p>\n\n\n\n<p><strong><em>You May Also Be Interested In: <\/em><\/strong><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-near-term-rally-completed\/\">Gold Elliott Wave Near Term Rally Completed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Elliott Wave Theory, we are anticipating silver&#8217;s corrective dip to end above $26.01 and lead to a large rally.<\/p>\n","protected":false},"author":160,"featured_media":1661,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-3108","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Silver Elliott Wave: Stuck in Corrective Pattern - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Silver&#039;s Elliott wave count suggests after a small dip, a bottom may form leading to a large rally. 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