As a few weeks ago, XAGUSD suggests the construction of a global triple zigzag consisting of cycle waves w-x-y-x-z.
The 1H timeframe shows the marking of the second intervening wave x, which may soon be completed, taking the form of a triple zigzag of the primary degree.
The bullish wave consists of intermediate waves (W)-(X)-(Y) and looks formed. The second intervening wave is under development, which may take the form of a zigzag and end soon.
After the wave completes its pattern, market participants will see growth in the primary wave to 25.938. At that level, it will be at 61.8% of wave.
Alternatively, the construction of the cycle intervening wave x can already be fully completed.
Thus, in the last section we see the initial part of a new bearish wave z of the cycle degree.
Perhaps the wave z will be a standard zigzag, as shown on the chart, and will complete its pattern near 17.490. At that level, it will be at 76.4% of actionary wave y.