USOIL is developing a global upward impulse of the cycle degree that consists of primary sub-waves ①-②-③-④-⑤.
On the 1H timeframe, we see the primary fifth wave, which consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5). Perhaps the bearish correction in the intermediate wave (4), which is a minor zigzag, has recently ended.
The end of the entire wave ⑤ is likely to reach the 146.58 area. At that level, it will be at the 161.8% Fibonacci extension of primary impulse ③.
In an alternative scenario, in the near future, a correction sub-wave (4) of the intermediate degree may form in the market.
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.
According to this view, correction (4) will be at 76.4% of intermediate impulse wave (3). Thus, the fall in the value of quotations in the minor wave C could end at the level of 81.05.
After the end of the correction fall, oil prices could rise above the maximum of 129.51, marked by an intermediate impulse (3).