USOIL Ending Diagonal Pushes Above $130
USOIL suggests the development of the final part of the global impulse wave a of the cycle degree. The 1H timeframe shows the markup of the final primary wave ⑤. This takes the form of an intermediate impulse.
In early April, an intermediate correction (4) ended in the form of a minor zigzag. Then prices began to rise in the intermediate wave (5). We see that the completed sub-waves 1-2-3-4 have a corrective structure. Thus, the entire wave (5) can take the form of an ending diagonal 1-2-3-4-5, as shown in the chart.
The end of this construction is possible near 132.14. At that level, wave (5) will be at the 61.8% Fibonacci extension of impulse (3).
According to the alternative, we see that the construction of the intermediate correction (4) has not be completed yet. Perhaps it will have the form of a triple three W-X-Y-X-Z.
The minor sub-waves W-X-Y-X look complete. Thus, in the near future, a downward movement is expected in the actionary sub-wave Z to 90.43. This can be completed in the form of a minute double zigzag ⓦ-ⓧ-ⓨ.
At that level, intermediate correction (4) will be at 61.8% of impulse (3).