The formation of silver involves the development of a cycle triple zigzag w-x-y-x-z. In the current chart, we see the final part of the bearish wave y, followed by a price increase in the intervening wave x.
The bullish intervening wave x could take the form of a double zigzag of the primary degree and will consist of sub-waves Ⓦ-Ⓧ-Ⓨ. The first two parts of the potential double zigzag have ended, with the last sub-wave Ⓨ under construction.
Most likely, the wave Ⓨ will be an intermediate double combination (W)-(X)-(Y) and will complete its pattern near 26.814. At that level, cycle degree wave x will be at 61.8% of wave y.
However, there is a possibility that the reactionary intervening wave x has ended. In this case, it is worth paying attention to the alternative scenario, in which the market began a downward price movement and the formation of the actionary wave z.
It is likely that the wave z, like the intervening wave x, will be a double zigzag of the primary degree. An approximate scheme of possible future movement in the specified structure is shown in the chart with red lines.
Therefore, wave z could complete near 16.94 at the 100% Fibonacci extension of wave y.
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