Silver Pulls Back, Support at $24 (Elliott Wave Analysis)

Silver has been trading sideways since 2021, indicating a corrective move due to its choppy and overlapping price action.

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This pattern suggests the formation of a significant triangle, with the final wave E potentially reaching down to 22.00. It appears that this downward movement may be nearing its conclusion as the metal attempts to stabilize after three consecutive downward legs since December 2023.

Recently, there has been a notable recovery, marked by a significant move above 23.50, followed by a breakout from a base channel and above 24.50 on the 4-hour timeframe, potentially indicating wave (3) of 3 within an impulse wave, hinting at further upside potential for silver.

However, the current intraday sharp reversal suggests that silver may have entered a three-wave correction within wave (4), with ideal support expected around the 24.00 level.


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