Forex Trading Library

WTI: 60.85 Likely To Complete Zigzag Correction

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The current USOIL structure points to the cycle degree wave c of an a-b-c-d-e triangle.

Crude could slide move down to form wave d. Keeping in mind the corrective formation, we are likely to see a ‘three’ pattern. However, the current impulse is still far from completing the first corrective wave.

With a minor impulse completed at 57.69, we could see the intermediate degree impulse (1) offering a test correction in the minor A-B-C degree.

Minor wave C of the bullish zigzag could ascent near 60.85 in the short term. At that level, intermediate wave (2) will be at the 38.2% Fibonacci retracement of wave (1).USOIL

An alternative but a rather low-chance scenario suggests further weakness before completing wave (1). The final part of which is seen as an open ending diagonal.

The specific scenario could correct near 58.8 and then decline below 57.10. This would make wave 5 larger than wave 3.

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