XAGUSD Has Actionary Wave Y Ended?

The current XAGUSD formation hints at a large triple zigzag structure. This is where the bearish actionary wave y is in formation.

The wave y has the internal structure of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag which has ended.

In the near future, the market could rise, then the intervening wave x of a cycle degree will begin. The price in this wave can update the previous maximum at the level of 28.80.

XAGUSD

However, there is a possibility that the market will continue to move in a downward direction. In this case, the formation of wave y will continue.

With the final intermediate wave (Z), only the bearish minor impulse A has been completed. In the near future, the price could rise slightly in correction wave B and then go down again in the final impulse C, as shown on the chart.

The target of 23.38, where the market will go, is determined using the Fibonacci extension. At that level, wave (Z) will be at 123.6% of wave (Y).

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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