24 Aug

XAGUSD Global Triple Zigzag Nearing The End

August 24, 2021

By Orbex

XAGUSD shows that a global triple zigzag is currently under construction, in which a bearish actionary wave y has been forming for about six months.

Wave y has the internal structure of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag and is nearing the end.

It is likely that in the short term the price will fall to the level of 22.23 in a minute wave ⓨ. At that level, intermediate wave (Z), part of the primary wave Ⓩ, will be at 161.8% of wave (Y).

After that, the market could begin to move up and may update the previous maximum. With the intermediate intervening wave (X) at the level of 26.76.

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XAGUSD

However, the market can continue moving in a downward direction much deeper.

In the last section of the chart, we see the structure of a bearish zigzag wave (Z) of the intermediate degree, which consists of minor sub-waves A-B-C. For full completion, a minute fifth wave is needed, which can complete the minor impulse near 21.26.

At the specified level, the intermediate wave (Z) will be at 200% of wave (Y).

By Orbex


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