Silver Zigzag Correction Underway, Buyers Expected at $55.5-$60.3
The Elliott Wave outlook for Silver (XAGUSD) indicates that its recent cycle is unfolding as a five-wave impulse. From the July 17, 2026 low, wave ((1)) concluded at $71.23. The subsequent pullback in wave ((2)) is now in progress, serving to correct the earlier advance.
The internal subdivision of this corrective phase takes the form of a zigzag structure, typical for such phases. Wave (A) ended at $63.28, followed by wave (B), which itself consisted of a zigzag with waves A, B, and C.
Wave (C) resumed the decline, with its ideal target measured by the 100% to 161.8% Fibonacci extension of wave (A). This projection yields a zone between $55.5 and $60.3.
Buyers are expected to emerge in this area, setting the stage for the next upward cycle. However, rallies should fail in either three or seven swings if the pivot at $71.23 remains intact, leading to further downside pressure.