The current structure on crude suggests that we are on a primary double zigzag Ⓦ-Ⓧ-Ⓨ formation. Waves Ⓦ and Ⓧ are complete but wave Ⓨ is still under construction.
Wave Ⓨ consists of intermediate sub-waves (W)-(X)-(Y), where (W) and (Y) are in a simple zigzag pattern.
Perhaps we could see the pair decline to complete minor corrective wave B near 53.63, and then appreciate in a 5-wave impulse move to complete minor wave C.
A closer look at the 1H timeframe shows that minor impulse wave A has ended and that the corrective wave B is completed only halfway through.
Wave B is also an ⓐ-ⓑ-ⓒ zigzag.
Oil could then appreciate in the short-term, completing minute corrective wave ⓑ near 60 and then form turn bearish towards 53.63. At that level, minor wave B will be at the 78.6% of wave A.
