UKOIL hints at the formation of corrective wave ④ of the primary degree. This is a triple zigzag consisting of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).
With intervening wave (X) ending, we now see prices rising in intermediate wave (Z).
Wave (Z) is likely to be a standard A-B-C zigzag.
We could expect price to rise in the minor impulse wave C to 48.16. At that level, wave (Z) will be at 50% of wave (Y).
An alternative scenario shows that initial correction ④ is already complete.
A bearish wave ⑤ is currently under development, which could take the form of a simple impulse.
Impulse wave (1) of the intermediate degree and minor zigzag wave (2) are complete.
In the medium term, we could expect the depreciation of oil to continue below 15.88.