By Orbex
The XAGUSD pair shows that a global triple zigzag is developing. This is part of which a cycle wave y, which took the form of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.
At the time of writing, the cycle intervening wave x is under development and it looks like it will be a primary double Ⓦ-Ⓧ-Ⓨ zigzag.
In the short term, a bullish market move is likely in the primary wave Ⓨ near the 28.21 area. At that level, wave x will be at 76.4% of cycle wave y.
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However, the market may continue to move in a downward direction much deeper.
In the last section of the chart, we see that not so long ago the formation of an ascending wave (X) in the form of a double zigzag came to an end. Following that, the price decline began in the intermediate actionary wave (Z).
The wave (Z) may take the form of a minor simple zigzag A-B-C. We anticipate its end to reach the level of 20.38. At that price level, wave (Z) will be at 76.4% of wave (Y).
Article by Orbex
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