Alex Dudov
Silver has entered a consolidation phase following a powerful advance that completed Wave 3 within the broader Elliott Wave structure. Price is now compressing inside a contracting triangle pattern, the hallmark of a Wave 4 correction. A
Wave 4 Pullback to $67 Could Set Up the Next Surge
Chart projections show a potential short-term pullback toward the $67 zone as part of the ongoing correction. This kind of retracement is standard within Elliott Wave theory, where Wave 4 reclaims a portion of Wave 3 gains before the final push higher. Analysts tracking the same pattern have flagged this dynamic in Silver (XAG/USD) Price Prediction: Wave 4 Pullback Could Trigger Rally Toward $40, pointing out that Wave 4 corrections historically set the stage for a strong bullish close to the cycle.
$64 Support Is the Line That Cannot Break
A critical structural boundary sits near $64. This level defines the validity of the current wave count: a confirmed close below it would invalidate the Elliott Wave scenario and require a full reassessment. Holding this floor is non-negotiable for the bullish thesis. Similar emphasis on support integrity has featured in analysis such as Silver Struggles Near $77.90 Support as Bears Keep Control Below $81.40 Resistance, where maintaining key levels proved decisive for direction.
If Wave 4 concludes within the triangle and price respects the $64 floor, the Elliott Wave model projects a transition into Wave 5 - the final and often most explosive impulsive phase. The long-term target sits near $150, a level consistent with the kind of structural breakout that follows extended consolidation in commodity markets. For context on XAGUSD's broader technical environment, see Silver Tests $50.23 Resistance as Price Faces Key Decision Zone, which tracks how price behavior at key thresholds shapes the larger trend.
Alex Dudov
