The XAGUSD pair seems to be forming a correction wave b of the cycle degree, which is part of the global zigzag. It is a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four parts of it have ended and now we see the construction of the final wave Ⓩ.

Most likely, the wave Ⓩ will be an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). We assume that wave (X) ended in the form of a minor double zigzag W-X-Y.

Thus, we expect a drop in the intermediate wave (Z) to 16.271. At that level, sub-waves (Z) and (Y) will be equal.

(Click on image to enlarge)

However, according to an alternative, the bearish primary wave Ⓩ could have already ended in the form of a double zigzag (W)-(X)-(Y). Consequently, the entire correction b ended with it.

Thus, in the last section of the chart, we notice the initial part of the bullish wave c of the cycle degree. It is assumed that it will take the form of an impulse ①-②-③-④-⑤, as shown in the chart.

Perhaps the primary sub-wave ① has come to an end, it is similar to the leading diagonal. In the near future, after a slight correction wave ②, growth could continue in the sub-wave ③ above the maximum of 22.555.

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