Forex Trading Library

XAGUSD Intervening Wave Ⓧ Pushes Prices Higher!

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Chart of XAGUSD

As a few weeks ago, XAGUSD suggests the construction of a global triple zigzag consisting of cycle waves w-x-y-x-z.

The 1H timeframe shows the marking of the second intervening wave x, which may soon be completed, taking the form of a triple zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The bullish wave Ⓨ consists of intermediate waves (W)-(X)-(Y) and looks formed. The second intervening wave Ⓧ is under development, which may take the form of a zigzag and end soon.

After the wave Ⓧ completes its pattern, market participants will see growth in the primary wave Ⓩ to  25.938. At that level, it will be at 61.8% of wave Ⓨ.

Chart of XAGUSD

Alternatively, the construction of the cycle intervening wave x can already be fully completed.

Thus, in the last section we see the initial part of a new bearish wave z of the cycle degree.

Perhaps the wave z will be a standard zigzag, as shown on the chart, and will complete its pattern near 17.490. At that level, it will be at 76.4% of actionary wave y.

Test your strategy on how the XAGUSD will fare with Orbex

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