XAGUSD suggests the formation of a global triple zigzag consisting of cycle waves w-x-y-x-z.
The current chart shows the marking of the second intervening wave x, which may soon be completed, taking 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 been completed.
In the near future, growth is expected to 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 formation of the cycle intervening wave X 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, market participants may expect a price drop to a minimum of 20.579, and then even lower.