XAGUSD Correction B Pulls Silver Lower

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A closer look at the 1H timeframe shows a large corrective wave b which is part of the global zigzag. Correction b most likely takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The final primary wave Ⓩ looks to be a double zigzag of the intermediate degree (W)-(X)-(Y). After the end of the actionary wave (W), prices moved higher in the intervening wave (X). Like wave (W), intervening wave (X) can end in the form of a minor double zigzag W-X-Y.

The end of the bullish trend is likely near 22.420. At that level, wave (X) will be 61.8% of wave (W).

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An alternative scenario assumes that the XAGUSD pair has completed an ascending intervening wave (X) of the intermediate degree. As in the main version, it has the form of a double zigzag W-X-Y.

Thus, in the next coming trading days, we can expect a drop in the value of XAGUSD and the formation of a bearish actionary wave (Y). Perhaps this wave will have a standard zigzag shape A-B-C, as shown in the chart.

The first target for bears is at the previous minimum of 17.538. This was marked by the actionary intermediate wave (W).

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