Short-term Elliott wave view in XAGUSD suggests that the bounce from September 03, 2021, high is unfolding as an impulse sequence & can take extension lower. While the initial decline to $21.39 low ended wave 1 in a lesser degree 5 wave structure. Up from there, the Silver is showing a motive 5 swings structure favoring 1 more push higher to complete the 7 swings structure before downside resume again or does a 3 wave pullback minimum.

Above from $21.39 low, the XAGUSD is doing a bounce in wave 2 to correct the cycle from 9/03/2021 high. The internals of that bounce is unfolding as Elliott wave double three structure with the sub-division of 3-3-3 swing structure. While the initial bounce to $22.23 high ended wave (a), wave (b) ended at $21.96 low. Wave (c) ended at $22.77 high & thus completed wave ((w)). Down from there, a pullback to $22.18 low completed the wave ((x)) pullback with a lesser degree 3 waves structure. And made a new short-term high above $22.77 high confirming the ((y)) leg higher. Near-term, as far as it remains above $22.18 low then Silver is expected to extend higher 1 more push towards $23.02- $23.54 area next before decision time in XAGUSD comes either looking for next leg lower or for a 3 wave pullback at least.

XAGUSD 1 Hour Elliott Wave Chart

XAGUSD Elliott Wave Video