XAGUSD Global Triple Zigzag Nearing The End

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.

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