Automatic wave scan: as of 4 Nov 2026, the automatic daily count for Silver is Wave 5 up with a bullish bias. The count stays valid while price holds 48.55.
Current Silver wave count
Automatic wave scan Updated daily from the latest daily close (4 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave advance that began at 55.01 on 17 Jul 2026. Next levels to watch are 56.64 and 96.49. The count fails on a daily close below 48.55.
Key levels
| Type | Levels |
|---|---|
| Resistance | 68.11 · 63.36 |
| Support | 48.55 · 48.13 |
| Invalidation | 48.55 |
What is Silver?
Silver is priced in US dollars per troy ounce. About half of yearly demand comes from industry, including electronics and solar panels, according to the Silver Institute. The rest comes from jewelry, coins, bars and silverware.
The market has seen several supply deficits in a row in recent years, which means demand has been higher than mine output plus recycling.
What moves the Silver price?
- Gold direction: Silver usually follows gold's trend.
- Industrial demand: Solar panel and electronics output affect demand.
- US dollar and real rates: Like gold, silver tends to rise when the dollar and real yields fall.
- Gold to silver ratio: Traders watch how many ounces of silver buy one ounce of gold for value signals.
- Speculative flows: Silver's smaller market makes it prone to sharp speculative moves.
How Silver moves in Elliott Wave terms
Silver often moves in sharp, explosive waves followed by long, deep corrections. The 2011 peak near $50 was followed by years of decline. When silver trends, wave 3 can extend far.
Because silver is volatile, wave 2 and wave 4 retracements can be deeper than in gold. Corrections of 20 percent or more inside a bull trend are not unusual.
Tips for counting Silver waves
Compare the silver count with gold. When gold breaks out and silver lags, watch for silver to catch up quickly.
Silver key facts
Silver Elliott Wave FAQ
Why is silver more volatile than gold?
The silver market is much smaller and depends partly on industrial demand, so prices swing more.
What is the gold to silver ratio?
It shows how many ounces of silver equal the price of one ounce of gold. High readings have sometimes been followed by silver outperforming gold.
How does solar power affect silver?
Silver paste is used in most solar cells, so growth in solar installations adds to industrial demand.
Sources and further reading
- World Silver Survey (The Silver Institute)
- Silver futures contract specs (CME Group)
- Silver as an investment (Wikipedia)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
