{"id":5470,"date":"2024-08-28T22:06:01","date_gmt":"2024-08-28T22:06:01","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=5470"},"modified":"2025-05-14T09:19:52","modified_gmt":"2025-05-14T09:19:52","slug":"silver-shine-and-climb","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/silver-shine-and-climb\/","title":{"rendered":"Silver Elliott Wave: Shine and Climb"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Silver is going through a small degree decline to set up the next wave 3 advance<\/li>\n\n\n\n<li>Longer-term trend is up<\/li>\n\n\n\n<li>Silver prices should remain above $26.471 under this model and possibly reach $35<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Silver In Brief Correction<\/h2>\n\n\n\n<p>Silver prices declined almost 3% today unwinding this week\u2019s gains. When we zoom out to silver\u2019s daily price chart, there is a bullish Elliott wave pattern building.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large animated zoomIn\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"592\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/XAGUSD_2024-08-28_16-59-06-1024x592.png\" alt=\"\" class=\"wp-image-5471\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/XAGUSD_2024-08-28_16-59-06-1024x592.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/XAGUSD_2024-08-28_16-59-06-300x173.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/XAGUSD_2024-08-28_16-59-06-768x444.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/XAGUSD_2024-08-28_16-59-06.png 1527w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>In the <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/quarterly-forecast\/gold-silver-copper-crude-oil-q3-forecast\/\">silver Q3 report<\/a> written on June 28, we forecasted:<\/p>\n\n\n\n<p><em>\u201c&#8230;the larger trend remains to the upside though silver may need to use the first portion of Q3 to continue its correction lower. Anticipate a bullish turn between $25.56-$28.00 that eventually leads to new price highs with initial targets near $41-42.\u201d<\/em><\/p>\n\n\n\n<p>Silver did take its time in finalising its correction. Silver bottomed on August 8, at about the halfway point of Q3 at a price of $26.471. Since August 8, silver has rallied over 10%.<\/p>\n\n\n\n<p>The rally since August 8 does appear to be a small degree impulse wave. This is good news to help silver shine. After a brief correction that started today, silver will likely resume its climb in a small degree wave 3.<\/p>\n\n\n\n<p>The current correction should hold above the August 8 low. We\u2019ll likely see a wave 3 bullish reversal in the $27.80-$28.70 price zone in the next week or so.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Far Will Wave 3 Travel?<\/h2>\n\n\n\n<p>If we are following the correct Elliott wave count, then the model implies a swift silver rally to $35-$40.&nbsp;<\/p>\n\n\n\n<p>The 1.618 extension of wave (i) is near $35 while the 2.618 extension is near $40. These are common wave relationships if wave (iii) is an extended wave.<\/p>\n\n\n\n<p>That would be an initial target zone with higher prices still possible as this is simply a third wave making the entire impulsive advance incomplete. Wave\u2019s 4 and 5 would still need to unfold that could send silver on a larger climb<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Silver Elliott Wave Count<\/h2>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeUBAqnX2bTgi39pt_JvMlGxhhXPHCPlztDM8OqAzRSXj7kcfy3KbTNgQw2QVZhYRvQiCRmbqGWaKbX16TZoX8NGKudYnrX9SDgIqpXL6XaiN9m3cZflw2dmRPbWKArZfswegsZC6BP4n-He54Jru_rm-QG?key=Y_Vd3xhezXUZ84JNInIC0w\" alt=\"\" style=\"width:300px\" \/><\/figure>\n\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 $26.471 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 $35-40 and possibly higher levels.<\/p>\n\n\n\n<p><strong><em>You May Also Be Interested In:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/cable-climb-is-pounding-the-dollar\/\">Cable\u2019s Climb is Pound-ing The Dollar (Elliott Wave)<\/a><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usd-jpy-stares-down-the-cliff\/\">From Peak to Plunge (USDJPY Elliott Wave)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Silver is in a wave 2 correction that may dip to $25.56-$28.00. Once this correction ends, we are anticipating a strong rally.<\/p>\n","protected":false},"author":160,"featured_media":5473,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-5470","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: Shine and Climb - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Silver&#039;s Elliott wave count suggests a brief decline is underway followed by a strong advance. 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