Forex Trading Library

USOIL Intermediate Correction Hints to a New Impulse

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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.

An intermediate correction (4) in the form of a minor double zigzag has recently ended. Thus, in the last section of the chart, we see that the price has started to rise in the intermediate wave (5). This wave (5) will take the form of a standard impulse.

The end of the specified pattern is possible near 129.59. At that level, wave (5) will be at the 76.4% Fibonacci extension of impulse (3).

However, the construction of the intermediate correction (4) can continue. Perhaps it will have the form of a triple zigzag W-X-Y-X-Z.

The minor sub-waves W-X-Y-X look complete. Thus, in the near future, the downward movement is likley to continue in the actionary wave Z. This can be completed in the form of a minute triple zigzag ⓦ-ⓧ-ⓨ-ⓧ-ⓩ.

The price of oil could fall to the level of 66.17.

After reaching this level, the market is likely to move above 123.72.

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