XAGUSD looks to be forming a large double zigzag w-x-y of a cycle degree. The final actionary wave y of this pattern is currently under development, which takes the form of a triple zigzag.
The intermediate double (W)-(X)-(Y) zigzag ended the second wave Ⓧ. Now the formation of the initial part of the primary wave Ⓩ is taking place.
The end of the wave Ⓩ is likely to reach 24.45. At that level, it will be at 100% of wave Ⓨ. Thus, in the near future, we expect a decline for XAGUSD.
An alternative scenario suggests the formation of a large bullish impulse of a cycle degree. This formed a deep corrective wave IV which took the form of a primary double zigzag.
Most likely, after the end of wave IV, the primary sub-waves ①-②-③-④-⑤ began to structure the cycle impulse V. Correction wave ④ and the impulse wave ⑤ have ended.
Wave V could complete near the 31.35 area. At that level, it will be at 50% along the Fibonacci lines of wave III.
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