Forex Trading Library

USOIL The Formation of The Ending Diagonal Continues

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USOIL, as in the previous trading weeks, suggests the development of the final part of the global impulse wave a of the cycle degree. Here is the making of the final primary wave ⑤. This takes the form of an intermediate impulse.

In early April, the intermediate correction wave (4) ended in the form of a minor zigzag. Prices then began to rise in the intermediate wave (5). Sub-waves 1-2-3 have a corrective structure. Thus, the entire wave (5) can take the form of an ending diagonal 1-2-3-4-5.

The end of this construction is possible near 132.21. At that level, wave (5) will be at the 61.8% Fibonacci extension of impulse (3).

An alternative option shows that the intermediate correction (4) has not completed yet. Perhaps it will be a triple three W-X-Y-X-Z.

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. This can be completed in the form of a minute double zigzag ⓦ-ⓧ-ⓨ.

The oil price could fall to 90.36. At that level, intermediate correction (4) will be at 61.8% of impulse (3).

After the end of the sideways movement, prices are likely to move higher.

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