Forex Trading Library

USOIL Bears Complete Impulse, Bulls Begin Correction!

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USOIL suggests constructing the final part of the primary wave Ⓩ, which is part of a large triple zigzag. This wave could take the form of a double zigzag of the intermediate degree (W)-(X)-(Y).

The last actionary wave (Y) is currently under development. Most likely, the first impulse wave A has ended, and now the price is moving higher in correction B.

The expected end of the minor correction is the level of 72.68. At that level, wave B will be at the 50% Fibonacci extension of impulse A.

Chart of USOIL

Alternatively, the bear market could continue in impulse A.

It is assumed that only the first three minute sub-waves are completed as part of this impulse. Therefore, in the near future, the formation of a minute fourth correction and a minute fifth wave is likely. This could take the form of an impulse or an ending diagonal.

The end of wave A is expected near 59.87. At that level, its fifth sub-wave will be at 76.4% of third minute impulse.

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