Forex Trading Library

XAGUSD Intermediate Zigzag Nears Completion

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The XAGUSD pair currently forms a correction wave b of the cycle degree, which is part of the global zigzag. It is a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four parts of it have ended as we focus on the final wave Ⓩ.

Most likely, the wave Ⓩ will be an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). It seems that the second intervening wave (X) in the form of a minor double zigzag W-X-Y has recently ended.

Thus, we can expect a drop in the intermediate wave (Z) to 16.223. At that level, sub-waves (Z) and (Y) will be equal as wave (Z) takes the double zigzag pattern W-X-Y.

Let’s consider the second option, where the bearish primary wave Ⓩ has ended in the form of a double zigzag (W)-(X)-(Y). And the whole correction b along with it.

Thus, in the last section of the chart, we can notice the initial part of the bullish wave c of the cycle degree. This could take the form of an impulse ①-②-③-④-⑤, as shown in the chart.

Perhaps the primary sub-wave ① has come to an end. It is similar to the leading diagonal and correction ②. In the near future, the growth could continue in the sub-wave ③ above the maximum of 22.555.

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