XAG/USD: The Price in Bearish Correction (b) May Fall to 15.055

Technical analysis of Forex market

XAGUSD seems to be forming a correction wave b of the cycle degree, which is part of the global zigzag.

It is assumed that the correction b is a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four parts of it have already been fully completed, now we see the construction of the last wave Ⓩ.

Most likely, the wave Ⓩ will be an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). In this pattern, we now see growth in the intermediate intervening wave (X). We can assume that the wave (X) will end in the form of a minor double zigzag W-X-Y to 20.054. At that level, it will be at 50% along the Fibonacci lines of sub-wave (Y).

After reaching this level, we could expect a fall in the intermediate wave (Z) to 15.055. At the specified level, sub-waves (Z) and (Y) will be equal.

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

Thus, in the last section of the chart, we can 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.

Most likely, the first half of the actionary impulse wave will end near the maximum of 26.978, which is marked by the primary intervening wave Ⓧ, it is not visible on this marking.

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