Oil is currently forming a bullish primary Ⓐ-Ⓑ-Ⓒ zigzag.
Impulse wave Ⓐ has completed, whilst correction wave Ⓑ which consists of sub-waves (A)-(B)-(C) has also ended.
Intermediate sub-wave (B) is a minor contracting triangle.
In the near future, we could see the rise of the final impulse wave Ⓒ to the 51.77 area.
At that level, primary impulse Ⓒ will be at 50% of primary impulse Ⓐ.
Alternatively, the primary corrective wave Ⓑ takes on a more complex pattern.
The formation of the specified wave is a bearish double (W)-(X)-(Y) zigzag. Currently, wave (W) has completed whereas intermediate intervening wave (X) could complete near 42.81. This will be at 61.8% of wave (W).
Then we can expect a decline in oil prices in wave (Y) by 31.13. At that level, correction Ⓑ will be at 50% of impulse wave Ⓐ.
