XAG/USD: How high will the price rise in the intervening wave (X)?
XAGUSD seems to be forming a correction wave b of the cycle degree, which is part of a large zigzag.
Apparently, 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). It seems that the formation of the actionary intermediate wave (Y) has come to an end, it has taken the form of a double zigzag W-X-Y. Thus, now we see growth in the intermediate intervening wave (X).
It can be assumed that the wave (X) will end in the form of a minor double zigzag W-X-Y near 21.169. At that level, it will be at 50% along the Fibonacci lines of sub-wave (Y).
Alternatively, it is assumed that the bearish primary wave Ⓩ may end in the form of a double zigzag (W)-(X)-(Y).
Most likely, the market is now in the final part of the actionary wave (Y), or rather in its final minor sub-wave C.
Wave C may end in the form of an impulse consisting of minute sub-waves.
To complete this impulse, a final sub-wave ⓥ is needed. The end of the specified impulse is possible near 12.473. At that level, primary wave Ⓩ will be at 200% of actionary wave Ⓨ.
Author
Jing Ren
Orbex
Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.
