The formation of oil shows a bullish cycle wave c, taking the form of a primary impulse ①-②-③-④-⑤.
After the completion of impulse wave ③, prices declined as part of the primary zigzag correction wave ④.
Thus, the bullish impulse wave ⑤ is currently under construction. So far, we see only the first two intermediate waves (1)-(2).
In the near future, the price could rise in the remaining three parts of the wave ⑤ near 76.36. At that level, wave ⑤ will be at 61.8% of impulse ③.
An alternative scenario shows that the formation of the primary correction ④ has just begun. It is expected to be larger and longer than in the first version.
If this hypothesis is correct, it will most likely take the form of a double zigzag (W)-(X)-(Y). The intermediate wave (W) appears to be fully equipped with the minor sub-waves A-B-C.
In the near future, the zigzag intervening wave (X) is likely to develop to the 64.05 area. At that level, it will be at 61.8% of (W).
Finally, prices will begin to fall in the last wave (Y) to the 49.15 area. Here, the entire correction wave ④ will be at 61.8% of impulse ③.