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.

(Click on image to enlarge)

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).