Silver – Weekly Analysis
In this update, we read silver’s structure—price action, momentum, and Elliott Waves—reconcile the conflicting timeframes, and map the highest-probability near- and mid-term paths with clear invalidation levels.
CANDLES:
Silver closed the weekly, and other frames, with bullish odds. It is overbought across multiple frames, but reversal signals have yet to appear. Overall, silver remains bullish until a reversal is signaled.
Elliott Waves
Long Term
(no changes in this section, just refreshed the chart)
Silver has reached the target zone and is signaling a possible move higher. Technicals support the hypothesis that the current wave is either C or 3, with a potential bullish path shown in blue. A decisive break above the 2011 high would likely invalidate the bearish red path. Note that in commodities, wave v can exceed wave iii.
Mid Term
Signals suggest the advance that began in September 2022 has likely stretched into a terminal wave v. Wave 5, if it extends beyond wave 3, would elevate the risk of a sharp, possibly near-term reversal.
Short Term
SUMMARY
Silver remains bullish in the short to mid term, with momentum and structure supporting follow-through after August’s strong close. From an Elliott Wave perspective, it is very close to extending wave 5 beyond wave 3—by only a few basis points—within the higher-degree advance that began in 2022. There is room to push higher, but early signals of a nearby top are piling up. Silver remains bullish until reversed.
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