Thu, Jan 26, 2023 @ 21:47 GMT
HomeContributorsTechnical AnalysisXAG/USD: Bullish Trend Likely to Continue to 25.701

XAG/USD: Bullish Trend Likely to Continue to 25.701

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.

Orbex
Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading