Key Points
- Silver extended its decline below the previously identified $48.815 wave low.
- Purple wave (v) is now positioned at $48.589.
- A further brief pullback could precede a broader corrective recovery.
Silver Price: XAGUSD traded at $50.124 at 9:15 a.m. New York time. The four-hour chart records a daily opening price of $50.666, with a high of $50.877 and a low of $48.613.
XAGUSD Elliott Wave Analysis
Silver's latest decline has challenged the provisional wave completion identified in the November 2 silver price outlook.
The updated count places purple wave (v) at $48.589, establishing a lower structural trough without changing the broader five-wave interpretation.
Although prices have recovered from the latest low, the additional decline demonstrates why the earlier wave termination required confirmation.
The blue projection continues to anticipate a limited retracement followed by a stronger upward extension. However, this potential recovery remains unconfirmed, and the chart provides no numerical upside objective.
Technical Analysis for November 3, 2026
- Trend: Bearish structure with potential recovery.
- Wave Count: Purple (v) provisionally complete.
- Structural Low: $48.589.
- Next Move: Brief pullback, then possible upside.
Trader's Question: Does the new low invalidate the recovery scenario?
Not automatically. It revises the proposed ending point of wave (v), while confirmation of a sustained recovery still depends on subsequent price action.