USOIL Oil Could Revalue In Bullish Impulse

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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.

usoil elliott

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.

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