UKOIL shows a bullish trend which takes the form of a standard Ⓐ-Ⓑ-Ⓒ zigzag.
Wave Ⓐ is a bullish impulse, whereas wave Ⓑ is a correction in the form of a bearish (A)-(B)-(C) zigzag. Wave (B) is an intermediate contracting triangle.
Currently, prices rose in the impulse wave Ⓒ which consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5).
In the short term, we can expect that the intermediate wave (5) will push the market to 51.45. At that level, entire wave Ⓒ will be at 50% of impulse Ⓐ.
An alternative scenario shows that the intermediate impulsive wave (1) has recently completed.
In the near future, prices are expected to decline in the corrective wave (2) of the intermediate degree.
The end of this correction could occur near 42.59. At that level, it will be at 50% of impulse (1).