UKOIL Primary Zigzag to End at 56.52

0 1,209

The current UKOIL structure shows a bullish trend that consists of primary sub-waves Ⓐ-Ⓑ-Ⓒ.

The development of the last impulsive wave Ⓒ is formed by sub-waves (1)-(2)-(3)-(4)-(5).

Wave (5) is expected to end near 56.52, in which intermediate wave (5) will be at 61.8% of impulse (3).

uk oil

However, an alternative outlook shows wave (3) currently in the form of a 5-wave impulse. With the minor wave 5 taking the form of an ending diagonal.

In the near future, price could decline within the corrective wave (4), which could take the form of a standard A-B-C zigzag.

Finally, the end of the intermediate correction is expected near 47.57. At that level, wave (4) will be at 38.2% of impulse (3).

Have you been testing your strategy on a Demo Account? Sign up now and begin practicing!

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.