USOIL suggests the development of a global upward impulse a pf the cycle degree that consists of primary sub-waves ①-②-③-④-⑤.
After the end of the primary correction ④, which took the form of a double zigzag, we saw a price reversal and growth in an impulse.
Most likely, the final part of the primary fifth wave is beginning. This, in the short term, could take the form of an impulse.
The end of the entire wave ⑤ is likely to reach the level of 146.67. At that level, it will be at the 161.8% Fibonacci extension of the primary impulse ③.
Alternatively, in the near future, a correction sub-wave (4) of the intermediate degree could form.
The internal structure of the wave (4) shows that it will have a standard zigzag shape. On the chart, it is marked with red minor sub-waves A-B-C.
The correction (4) will be at 61.8% of the intermediate impulse wave (3). Thus, the fall in price in the final minor wave C could end near 90.33.
After the end of the correction fall, oil prices could rise above the maximum of 129.51, marked by an intermediate impulse (3).