Silver has been on a… Well, a wild ride really, at least in the last few weeks. After exploding to nearly $120 in January, the white metal pulled back hard, bottoming near $64 before recovering to the $68 level. For traders watching the correction, the price action has been confusing, but one analyst says the structural details don’t change the final destination.
Economic Office, a technical analyst who tracks commodities closely, shared a detailed 12‑hour chart showing silver’s wave count. His message is simple: the structure of the correction has changed, but the $150 target remains firmly in place.
Silver Chart Analysis
Economic Office’s chart lays out silver’s move from the 2025 lows using Elliott Wave theory. According to his count, silver completed a powerful Wave 3 rally that topped near $120. What followed was a Wave 4 correction; a period of consolidation before the next impulsive leg higher.
Initially, he expected the correction to take the form of a triangle pattern. But price action has shifted. The chart now shows a W‑X‑Y structure, which is a more complex corrective formation.
Here’s how it breaks down on the 12‑hour chart:
- Wave W completed first. That was the initial drop from the $120 peak down to the $64 low.
- Wave X followed, bringing a recovery bounce back toward the $80‑$85 zone.
- Wave Y is now playing out as the final leg of the correction. This wave is currently unfolding and could bring silver down to test the previous low or form a higher low before Wave 4 ends.
The chart labels these moves clearly, showing the W‑X‑Y progression across March. The key takeaway: Wave 4 is not over yet, but it is in its final stage.
Read also: Gold and Silver Wipe Out $2 Trillion in Just Hours – What’s Really Happening?
Silver Price Forecast
Once Wave 4 completes, Economic Office expects Wave 5 to begin. Wave 5 is the final impulse wave in the larger cycle, and his target for that move is $150.
The chart shows this target clearly marked. It aligns with historical resistance zones from previous cycles and represents a major breakout above the January highs.
The analyst explains that while the correction structure may have changed (from a simple triangle to a more complex W‑X‑Y) the ultimate price objective has not moved. As long as the structure holds and the wave count remains valid, $150 stays the target.
He notes that the change of the correction matters for timing and entries, but not for the final outcome. For traders, the current silver price at $68 level might represent the final leg of the correction. If Wave Y plays out as expected, silver could see one more dip before turning decisively higher toward $150.
The chart’s annotation says it clearly: the target does not change. And for those willing to look past the short‑term noise, the setup points to a major move ahead.
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