FX.co ★ lstanton | XAG/USD, SILVER

Hello traders, When looking at silver on the daily chart, we face the same dilemma from an Elliott wave perspective as with gold, related to the internal structure of the developing corrective flat "abc". In this case, acting as the connecting wave "X" of a potential double zigzag "WxY". Specifically, this dilemma is linked to the development of the internal structure of the final wave "c" of the mentioned flat. At this point, we observe a local structure for this wave in the form of a contracting diagonal, which can be classified as either ending or starting, as its internal sub-waves consist of zigzags. The nearest perspective for silver's development will be determined based on this classification. If this diagonal is considered ending, then the mentioned flat in the form of a "running" flat has already completed at the level of 77.58. Therefore, in the near future, we may see a decline in the metal quotes as part of the development of the internal structure of the second zigzag "Y". However, if this diagonal is seen as starting, it indicates the continuation of the impulsive wave "c" structure of the flat in an upward direction.