XAGUSD Cycle Trend To Update Previous High

The structure of the XAGUSD currency pair shows a cycle triple zigzag under construction. As part of the second intervening wave x recently ending.

The cycle wave x is a bearish triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag. After completing this figure, we saw an increase in the price.

The primary sub-wave Ⓦ formed. This is part of the final cycle wave z, which is most likely to have the form of a double Ⓦ-Ⓧ-Ⓨ zigzag.

In the short term, we could expect a decline in the intervening wave Ⓧ to 25.24. At that level, wave Ⓧ will be at 50% of wave Ⓦ.

Then bulls could start pushing the price up above the high of 30.10, where wave y ended.

Alternatively, the entire cycle trend is a double three w-x-y. The first two parts of this three are complete, and the bearish wave y is under development.

The wave y takes the form of a triple zigzag of the primary degree. The ascending second intervening wave Ⓧ has recently been built.

Thus, in the near future, we can expect the formation of an actionary wave Ⓩ, which could complete near 23.22. At that level, it will be at the 76.4% Fibonacci extension of wave Ⓨ.

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