The current XAGUSD structure suggests the development of a cycle triple zigzag w-x-y-x-z.
On this chart, we can see the final part of the bearish wave y. There is an assumption that the price has reached a peak. In turn, this means that the formation of the wave y has come to an end.
The cycle wave y took the form of a triple zigzag, where the last actionary wave Ⓩ is also a triple zigzag of a smaller wave level.
Therefore, if the market has really completed a bearish trend, then in the next coming trading weeks we can expect an upward price movement, and the development of a cycle intervening wave x.
Most likely, the price in wave x will rise above the level of 28.742.
However, there is a possibility that the actionary intervening wave x is already finished. In this case, it is worth paying attention to an alternative option. The alternative suggests that the market has started a downward price movement and the formation of the actionary wave z.
Perhaps wave z will be a simple zigzag of the primary degree, as shown on the chart.
Most likely, wave z will complete its pattern near the level of 16.87, at which it will be at the 100% Fibonacci extension of wave y.
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