In the long term, USOIL seems to be forming a primary wave ⑤. This takes the form of an intermediate ending diagonal.
An intermediate correction (4) in the form of a minor double zigzag ended at 76.24.
In the last section of the chart, we see the formation of an intermediate wave (5). It is assumed that the intermediate wave (5) will take the form of a standard 3-wave zigzag A-B-C. The impulse wave A and correction wave B have ended.
The end of this construction is possible near 107.77. At that level, wave (5) will be at the 61.8% Fibonacci extension of impulse (3).
Alternatively, the construction of the intermediate correction (4) can be continued. It is assumed that it will have the form of a triple zigzag W-X-Y-X-Z, where the minor sub-waves W-X-Y-X can be completed.
Thus, in the near future, the downward movement is likely to continue in the final actionary sub-wave Z. This could end in the form of a minute triple zigzag ⓦ-ⓧ-ⓨ-ⓧ-ⓩ.
The price of oil could fall to 69.32. At that level, minute actionary waves ⓨ and ⓩ will be equal.
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