Forex Trading Library

XAGUSD Double Zigzag to Reach 24.788

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Looking at the 1H timeframe, we see the development of the corrective wave b. This is part of the global zigzag. Correction b takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four primary waves are completed, and the last wave Ⓩ is still under construction.

The primary wave Ⓩ will be a double zigzag of the intermediate degree (W)-(X)-(Y). After the end of the actionary wave (W), prices moved higher in the intervening wave (X). Like wave (W), intervening wave (X) could end as a minor double zigzag W-X-Y.

The end of the bullish trend is expected near 24.788. At that level, wave (X) will be at 76.4% of wave (W).

According to an alternative scenario, the XAGUSD pair has completed the construction of an ascending intervening wave (X) of the intermediate degree. As in the main version, it has the form of a double zigzag W-X-Y.

Thus, in the next coming trading days, we can expect a fall in the XAGUSD rate and the formation of a bearish actionary wave (Y). This could have a standard zigzag shape A-B-C, as shown in the chart.

The first target is 17.538, marked by the actionary intermediate wave (W).

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