XAGUSD Bullish Trend To Continue To 25.701

By Roman Onegin of Orbex

Leading FX Broker • Jan 18, 2023 at 4:25 AM EST

XAGUSD suggests the formation of a global triple zigzag consisting of cycle waves w-x-y-x-z. In the last section we see the initial part of a new bearish wave z of the cycle degree. If so, prices could drop to 20.579, and then even lower.

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.

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