US SILVER - XAGUSD - LONG TERM IMPULSE - MULTIBAGGER - EW

Hi Folks,

I am tracking silver linked ETF's for long term investment and did a long term and mid term analysis for the same. Analysis is on weekly timeframe, so mind you this will take a lot of time to play out. Also, ill cover a basic know how to interpret wave structure.
Following is the inference-

Elliott Wave Analysis

Larger wave structure will follow 2 characteristics, Impulse(motive) and Corrective(Profit booking/ time correction/ price correction/ low liquidity).

Characteristics of anImpulse -

1. It will have cleaner move, with less overlaps.
2. Internally, 5 wave structure can be observed clearly.
3. Major participation of traders/investors with positive sentiments.
4. Positive news augmenting the euphoria in later stages too.

Characteristics of Corrective waves -

1. It will have overlaps in structure. In price correction, price can correct significantly, basis on timeframe the % correction will take place. In time correction, behaviour will be sideways and % correction in price will be comparatively less. Time correction will be range bound and will generate lots of accumulation and liquidity in anticipation of breakdown/breakout.
2. Internally, abc wave structure can be seen.
3. Negative news might augment further correction(price/time).

XAGUSD - Analysis

1. Larger Red wave is an ongoing impulse on long term basis. We have completed 1 and 2 wherein 2 retraced to approx 61.8% of 1 which signifies healthy price correction.
2. Larger 3 is ongoing, which is strongest of all impulsive waves.
3. Within 3 we 1 and 2 seems to be completed. 1 was having an overlapping impulse known as Leading diagonal which shows very bullish sentiments. 2 wave made shallow price correction as it is more of a time correction.
4. Breakout of falling channel of 2 wave shows start of 3 wave, structure looks more cleaner and it shows more upmove yet to come.
5. All confirmations are basis on channel structure and fib retracements.
6. Targets of smaller 3 and larger 3 are marked on the chart with fib projections.
See you there in few years :)

Happy Trading! Cheers!

Not a trade reco, please do your own due diligence.