29 Jul

XAGUSD Has Actionary Wave Y Ended?

July 29, 2021

By Orbex

The current XAGUSD formation hints at a large triple zigzag structure. This is where the bearish actionary wave y is in formation.

The wave y has the internal structure of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag which has ended.

In the near future, the market could rise, then the intervening wave x of a cycle degree will begin. The price in this wave can update the previous maximum at the level of 28.80.

XAGUSD

Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter




However, there is a possibility that the market will continue to move in a downward direction. In this case, the formation of wave y will continue.

With the final intermediate wave (Z), only the bearish minor impulse A has been completed. In the near future, the price could rise slightly in correction wave B and then go down again in the final impulse C, as shown on the chart.

The target of 23.38, where the market will go, is determined using the Fibonacci extension. At that level, wave (Z) will be at 123.6% of wave (Y).

By Orbex


investmacro products link




Financial News Forex and Currency News