The UKOIL structure shows a bearish impulse. It consists of primary waves ①-②-③-④-⑤.
It is likely that the correction wave ④ has completed on a triple zigzag (W)-(X)-(Y)-(X)-(Z) pattern. Its final wave (Z) ended with an ending diagonal in minor wave C.
We anticipate a decline in the intermediate sub-wave (1). Then, we expect the decline to continue in waves (2)-(3).
We expect the commodity to fall below the previous low formed by intervening wave (X), at 28.97.
An alternative scenario suggests that corrective wave ④ is not yet complete.
We anticipate the final wave (Z) to complete the triple zigzag in wave ④. This follows the completion of the triangle in the second intervening wave (X).
Prices could to rise in a minor A-B-C pattern near the 56.45 area.
The target would respect the tenancy of intermediate waves (Z) and (Y) being equal.
