Oil continues to form a bullish impulse of a cycle degree.
Recently, the cycle wave III which consists of primary sub-waves ①-②-③-④-⑤, fully completed.
We are now seeing a slight corrective decline in the price in wave IV in the form of a minor A-B-C zigzag.
The price will now likely fall to the 61.69 area. At that level, wave C will be equal to wave A.
Finally, rapid growth in the cycle wave V is likely to reach the level of 77.12.
An alternative scenario shows the possibility of a horizontal move. In this case, the cycle corrective wave IV could take the form of a contracting triangle.
Therefore we are currently in the initial part of the triangular shape and observing the construction of the first corrective sub-wave Ⓐ.
In the near future, an intermediate triple zigzag is expected towards 56.33. At that level, wave Ⓐ will be at 38.2% of cycle impulse III.