Key Points
- Silver's updated count places red wave 4 at the recent corrective low.
- The recovery is approaching the $53.478 upside continuation reference.
- A fifth-wave advance remains projected, with invalidation unchanged at $48.589.
Silver Price: XAGUSD traded at $52.702 at 6:57 a.m. New York time. The four-hour chart records a daily high of $53.466 and low of $51.405, against an opening price of $51.945.
XAGUSD Elliott Wave Analysis
Silver's corrective structure has progressed since the November 5 silver and crude oil outlook, when red wave 4 remained under observation.
The updated count now positions that wave at a historical pullback low, suggesting the correction may have concluded.
The blue projection anticipates a brief retreat followed by renewed appreciation through red wave 5. However, the latest session high remains marginally below the $53.478 continuation marker, leaving the next upward extension unconfirmed.
Technical Analysis for November 9, 2026
- Wave Structure: Red 4 provisionally complete.
- Next Wave: Red 5, projected upward.
- Upside Continuation: $53.478.
- Invalidation: $48.589.
- Final Upside Target: Not numerically specified.
Trader's Question: Has silver confirmed the anticipated fifth-wave advance?
Not yet. The revised count supports that possibility, but further price development beyond the current recovery structure is needed to validate the projected extension.