The current UKOIL structure indicates the completion of initial impulse wave ③. Following this was a correction in wave ④ which was a triple zigzag.
The final minor wave C took the form of an ending diagonal.
At the time of writing, we are at the beginning of impulse wave ⑤ of the primary degree.
The price decline could take us below the previous low at 15.93 in impulse ③.
An alternative scenario shows that corrective wave ④ is not yet complete.
Currently, we see the formation of an intervening wave (X) of the intermediate degree.
We expect (X) to end near the 37.72 region. At that level, it will be at 50% of intermediate wave (Y).
The market could rise in the final wave (Z) above 46.55, formed by wave (Y).