Silver Elliott Wave view: $61.02 level holds key to potential bearish extension [Video]

Silver (XAGUSD) is approaching a decisive test as price nears the March 23, 2026 low at $61.02. A break beneath this level could trigger a deeper decline, potentially extending toward the 100% measured move from the January 29, 2026 all‑time high. If the sequence unfolds without truncation, the projected target may reach as low as $38.70.

The decline from the March 2, 2026 high is developing as a double three corrective pattern. Wave ((W)) concluded at $61.02, while wave ((X)) terminated at $89.37. The subsequent wave ((Y)) is unfolding as another double three of lesser degree. From the peak of wave ((X)), wave A ended at $73.81, followed by a rally in wave B that reached $77.51. The market is now extending lower in wave C of (W), which is forming as a five‑wave impulse.