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XAGUSD suggests the formation of a global triple zigzag consisting of cycle waves w-x-y-x-z.

The current chart shows the second intervening wave x which could soon end. This could take the form of a double zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ.

The bullish wave Ⓨ consists of intermediate waves (W)-(X)-(Y), where the last sub-wave (Y) has not yet ended.

In the near future, growth will continue within the minor wave Y to 25.701. At that level, intermediate wave (Y) will be at 123.6% of wave (W).

According to the alternative, the cycle intervening wave X formation can already be fully completed.

Its last actionary wave [Y] also looks like a double zigzag (W)-(X)-(Y). The minute sub-waves ⓦ and ⓨ are completed at the same level.

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

If this option is confirmed, prices could drop to 20.579, and then even lower.

The post XAGUSD Bullish Trend To Continue To 25.701 appeared first on Orbex Forex Trading Blog.