Forex Trading Library

XAGUSD: Is The Primary Wave Ⓩ a Double Or Triple ZigZag?

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XAGUSD seems to be forming a correction wave b of the cycle degree, which is part of a large zigzag.

Wave b, judging by the shape, is a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four parts of it have ended.

Most likely, the wave Ⓩ will be an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). Perhaps the formation of the actionary intermediate wave (Y) has ended. This has taken the form of a double zigzag W-X-Y.

Wave (X) is likely to end near 22.014. At that level, it will be at 38.2% of sub-wave (Y).

Alternatively, the bearish primary wave Ⓩ could be a double zigzag (W)-(X)-(Y). It could also end much earlier than expected in the main version.

Most likely, the market is now in the final part of the actionary wave (Y), or rather in its final minor sub-wave C.

Wave C could end in the form of an impulse consisting of minute sub-waves. The end of the specified impulse could be at 18.011. At that price point, primary wave Ⓩ will be at 123.6% of actionary wave Ⓨ.

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