Silver has clawed back 20% in August after collapsing 55% from its January peak, and chart analysis suggests the entire first-half slump may have completed a single corrective structure. If that reading holds, the metal's bear phase ended at $54.77 and further gains toward a new all-time high remain on the table.
Silver surged 148% in 2025. It extended that rally further, rising 70% to more than $121 an ounce in January 2026. The rally then reversed hard, and the metal crashed 55% to $54.77 by mid-July.
August has since produced a 20% recovery, reviving the question of whether the bounce can extend or is just another corrective rally inside the broader downtrend.
Geopolitical risk and inflation generally favor precious metals, but silver, gold and platinum all fell sharply in the first half regardless of the Iran war and rising energy prices, according to the analysis. Because macro timing is hard to pin down, the analysis instead reads the move directly off the charts.
A 4-hour chart maps the entire decline from nearly $122 to just under $55 an ounce as a W-X-Y double zigzag, with each leg forming a simple (a)-(b)-(c) pattern. Within wave Y, the analysis identifies an impulsive five-wave structure labeled 1-2-3-4-5, with wave 3 of (c) further broken into five sub-waves, i through v.
If that Elliott Wave count is correct, silver's first-half bear market ended at $54.77. As long as price holds above that level, the analysis suggests more gains toward a new all-time high in the months ahead.
Source: Investing.com
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