Forex Trading Library

USOIL Bullish Impulse Tests $130

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USOIL suggests the development of the final part of the global impulse wave of the cycle degree. The 1H timeframe shows the final primary wave ⑤ which takes the form of an intermediate impulse.

Currently, an intermediate correction wave (4) ended as a minor zigzag. Then prices began to rise in the intermediate wave (5). The intermediate wave (5) could take the form of a standard minor impulse 1-2-3-4-5, as shown on the chart.

The end of the specified pattern is likely near 129.80. 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) can be continued. 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, prices could lower in the actionary sub-wave Z. This can be completed in the form of a minute triple zigzag ⓦ-ⓧ-ⓨ-ⓧ-ⓩ.

The oil price could fall to 81.04. At that level, intermediate correction (4) will be at 76.4% of impulse (3).

After the end of the flat, the market is expected to grow above the maximum – 123.72.

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