XAGUSD Triple Zigzag Ⓩ To End Near 21.457

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XAGUSD Triple Zigzag Ⓩ To End Near 21.457

The current XAGUSD structure shows the development of a long-term correction wave b of the cycle degree.

Wave b, judging by its shape, is a triple zigzag, consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four parts of this zigzag have ended. Now we see the construction of the final wave Ⓩ.

It is possible that wave Ⓩ will be a triple bearish zigzag. This may include intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).

In the near future, the market could continue its downward movement within the sub-waves (Y)-(X)-(Z) to the 21.457 area. At that level, the entire wave Ⓩ will be at 76.4% of the wave Ⓨ.

An alternative scenario indicates that the correction intervening wave Ⓧ is not yet fully complete. Its entire internal structure is represented on the current chart. We see that the wave Ⓧ can have the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree.

In this case, to confirm this scenario, bulls need strength to move the market up to complete the final intermediate wave (Z). Wave (Z) can finish near 27.032. At that level, the primary intervening wave Ⓧ will be at 76.4% of the wave Ⓨ.

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The post XAGUSD Triple Zigzag Ⓩ To End Near 21.457 appeared first on Orbex Forex Trading Blog.

Source: XAGUSD Triple Zigzag Ⓩ To End Near 21.457