Usman Salis
Silver has been on a remarkable run, and the market is now entering a pivotal phase. After completing a powerful impulsive advance through wave 3, price is consolidating near $79 inside a contracting triangle, a structure that historically precedes explosive directional moves. With the $64 invalidation level still holding firm and the Elliott Wave count intact, traders are watching closely for the next setup.
Silver Builds a Classic Wave 4 Triangle at $79
The current price action in silver follows a textbook Elliott Wave progression. Wave 3 has clearly concluded, and the market is now carving out a corrective wave 4 in the form of a contracting triangle, with sub-waves labeled a through e gradually narrowing the range. As Silver (XAG/USD) Price Prediction: Wave 4 Pullback Could Trigger Rally Toward $40 previously outlined, these consolidation structures develop when buyers and sellers reach a temporary equilibrium after a strong rally, compressing volatility before the next expansion.
The critical support level to monitor is $64, which marks the invalidation zone for the broader bullish structure. As long as price holds above this floor, the wave count remains valid and the case for a major continuation trade stays intact. Current behavior near $79 suggests the triangle is still developing, with a potential final leg toward the lower boundary before the pattern resolves.
$150 Target in Focus as Triangle Nears Completion
The resolution of this pattern is where the real opportunity lies. Silver Triangle Setup Points Toward $140 Price Target highlighted how similar triangle compressions have historically released into sharp, sustained breakouts. Once the wave 4 structure completes, the impulse into wave 5 is projected to drive silver significantly above current levels, with the primary target sitting at $150.
This "compression before expansion" dynamic is a well-documented pattern across commodity markets. Silver Targets $150 After Wave 4 Triangle provides a full breakdown of the wave structure supporting this outlook. The completed Elliott Wave cycle, combined with the tight triangle formation, sets up a high-probability scenario for a breakout continuation, provided $64 holds as the structural floor. Traders tracking this setup will want to watch for a decisive close above the triangle's upper boundary as the confirming signal.
Usman Salis
