USOIL is currently forming a bullish impulse that consists of primary sub-waves.
It is likely that the horizontal intermediate correction (4), which took the form of a W-X-Y double three, has ended.
In the near term, we could see how intermediate wave (5) leads the market to 82.81. At that level, wave (5) will be at 76.4% of intermediate wave (3).
Then, when wave (5) completes its pattern, prices could start to adjust in primary wave ④ below the low of 61.58.
An alternative scenario shows an ending diagonal of the minute degree. This completed the formation of intermediate impulse (3).
In this case, the price could begin moving in a downward direction in an intermediate correction (4).
The correction (4) can take a simple zigzag shape, as shown in the chart. The minor zigzag could be completed near 55.18. At that level, wave (4) will be at 50% of wave (3).
