Peter Smith
⬤Silver is consolidating after a strong rally that analysts identify as the end of Wave 3 in an Elliott Wave structure. On the 12-hour chart, price is compressing inside a triangle formation, oscillating between narrowing trendlines as the market takes a breather from its prior advance.
⬤The current move is Wave 4 of the Elliott Wave cycle, unfolding as a classic a-b-c-d-e triangle. The projection sees XAG/USD dipping toward $68 in wave c, bouncing to roughly $90 in wave d, then pulling back near $70 to complete wave e. Analysts covering Silver Targets $150 After Wave 4 Triangle have noted that triangle consolidations like this one often precede the strongest moves in a cycle.
⬤The triangular structure represents a temporary standoff between buyers and sellers after a strong impulsive move. A key support zone between $64 and $67 must hold to keep the bullish wave count intact. Previous analysis in Silver (XAG/USD) Price Prediction: Wave 4 Pullback Could Trigger Rally Toward $40 confirmed that Wave 4 corrections regularly build the base for the cycle's final leg.
⬤Once the triangle completes, Wave 5 could drive silver toward $150, provided support holds. Research in Silver Price Climbs 120% as Long-Term Pattern Confirms Bullish Momentum showed how silver's breakout from prolonged consolidation triggered a 120% advance, echoing the explosive momentum that tends to follow long compression phases in commodities.
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The narrowing triangle is now at a critical juncture. As price oscillates within the pattern, the eventual breakout direction will determine whether XAG/USD transitions from correction into the next impulsive phase of the broader trend.
Peter Smith
