Hello fellow traders. In this technical article, we will take a quick look at the Elliott Wave charts for the silver commodity XAGUSD. As our members know, both silver and gold show patchy downward sequences in daily cycles. Silver recently made a short-term recovery which appeared as a zigzag wave pattern. In further text we will explain the Elliott Wave model and forecasts.
Before we look at a real market example, let’s explain the zigzag Elliott wave pattern.
Elliot wave zigzag It is the most popular corrective pattern in Elliott Wave Theory. It is made of 3 swings with a 5-3-5 internal structure. Internal volatility is classified as A, B, C where A = 5 waves, B = 3 waves and C = 5 waves. This means that A and C can be either impulsive or diagonal waves. (The leading diagonal in the case of wave A or the ending in the case of wave C). Waves A and C must meet all the conditions for being a 5-wave wave structure, such as: having RSI divergence between wave subdivisions, perfect Fibonacci extensions and perfect retracements.
1 Hour Silver Elliott Wave Chart 03/07/2026
The current view indicates that silver is forming a recovery against the high of 71,598. Price action unfolds as an Elliott Wave Zig Zag pattern. We can count five waves within the first stage of the correction, which is called ((a)).
The current structure indicates that another short-term rally could still develop to complete the correction as a 5-3-5 pattern. The commodity could reach the 61.90-64.78 area, which represents a potential sellers’ zone, before the next downward wave begins. As usual, this area was determined by measuring the isosceles of ((a)) versus ((b)) using the Fibonacci extension tool. As long as the price remains below 64.78, the suggested bearish view remains valid.
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Official trading strategy on How to Trade a 3, 7, or 11 Swing and an Equal Leg It is explained in detail in the video tutorial, and is available for members to watch within the membership area.
1 Hour Silver Elliott Wave Chart 07.09.2026
The commodity made another rise and completed five waves inside the leg ((c)) as expected. The correction was completed within the suggested range at 63.29, and we have seen a very good reaction from this area. Now, we would like to see further bearish extension and a break below the red low A to confirm the suggested bearish view.
Keep in mind that the market is dynamic, and the proposed vision may have changed in the meantime. Our members’ chat rooms are open 24/7 and provide ongoing expert guidance on market trends and Elliott Wave analysis. Members are encouraged to ask questions about market structure and technical settings at any time
