Silver remains bearish on the 4-hour chart, with the displayed price at 53.659 following a sustained decline. The Elliott Wave count shows blue waves i–v completing purple wave (iii), while purple wave (iv) is projected as a corrective rebound toward the 38.2% Fibonacci area near 56.20. Since October 23, silver has declined from 53.975, extending the previously anticipated bearish movement. The chart marks 53.027 as a further-decline objective, with the blue projection anticipating a subsequent wave (v) decline toward approximately 52.30 after the rebound. The annotated 58.505 level remains the broader invalidation reference. A recovery toward 56.20 would be corrective rather than evidence of a confirmed bullish reversal.
Technical Summary of Silver Price for October 26, 2026
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Trend: Bearish.
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Current Elliott Wave: Purple wave (iii) near completion; wave (iv) projected upward, followed by (v).
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Key Support Levels: 53.027 (annotated downside objective); approximately 52.30 (projected).
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Key Resistance Levels: Approximately 56.20 (38.2% Fibonacci); 58.505.
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Next Price Target: 56.20 corrective rebound, followed by approximately 52.30 downside.
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Invalidation Level: 58.505 (annotated).
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Fibonacci Levels: 38.2% retracement near 56.20.
Trader's Question: Can silver complete wave (iv) before resuming its decline?
A corrective recovery toward the 38.2% Fibonacci level could precede another bearish extension, particularly if price subsequently breaks below 53.027.