Silver Just Entered Wave (3) — The Strongest Move May Be Ahead

On the M30 timeframe, Silver is showing a classic Elliott Wave impulsive structure developing right after a prolonged accumulation phase. The rectangular zone marked on the chart represents a clear accumulation range, where price moved sideways for an extended period. This consolidation reflects institutional absorption smart money building positions before expansion.

After completing accumulation, price broke out strongly from the range, initiating Wave (1). This first impulse leg signals the shift from compression to expansion. The pullback that follows forms Wave (2), which retraces but does not break the accumulation base maintaining bullish structure integrity.

From there, Wave (3) emerges as the strongest and most aggressive move upward. This aligns with Elliott Wave theory, where Wave (3) is typically the longest and most powerful wave. The breakout above the range high confirms momentum expansion and strong buyer dominance.

Currently, price appears to be transitioning into Wave (4), which is expected to be a corrective pullback. Wave (4) typically retraces a portion of Wave (3) without overlapping Wave (1). As long as price holds above the Wave (1) top, the impulsive structure remains valid.

If this structure continues to unfold correctly, Wave (5) could push price toward the 92.5–93.0 resistance zone, completing the five-wave impulsive cycle. After Wave (5) completes, a larger ABC corrective structure may follow, with Wave (A), (B), and (C) potentially retracing a significant portion of the entire impulse.

In summary, the market has transitioned from accumulation to impulsive bullish expansion. The key level to watch is the top of Wave (1). If that level holds during the Wave (4) correction, the probability of one more bullish push in Wave (5) remains high before a broader corrective phase begins.