USOIL suggests the development of the final part of the global impulse wave a of the cycle degree.
The 1H timeframe shows the final primary wave ⑤, which takes the form of an intermediate impulse.
It is possible that an intermediate correction (4) in the form of a minor double zigzag recently ended. Then prices began to rise in the intermediate wave (5). Wave (5) will 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 possible near 124.97. At that level, wave (5) will be at the 61.8% Fibonacci extension of impulse (3).
Let’s consider the second option, where the construction of an intermediate correction (4) can be continued. Perhaps it will have the form of a triple zigzag W-X-Y-X-Z.
The minor sub-waves W-X-Y-X look finished. Thus, in the near future, the actionary wave Z can continue to move lower. This can be completed in the form of a minute triple zigzag ⓦ-ⓧ-ⓨ-ⓧ-ⓩ.
The oil price could fall to 81.08. At that level, intermediate correction (4) will be at 76.4% of impulse (3).
After reaching this level, prices are likely to rise above 123.72.
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