Forex Trading Library

USOIL Triple Zigzag or Double Three?

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Chart of USOIL

There is a high probability that a long-term corrective trend has ended for USOIL. This trend took the form of a primary triple zigzag consisting of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

In the last section of the chart, we can see a market reversal and the beginning of a new bullish trend. Perhaps there is a construction of the primary impulse wave ①-②-③-④-⑤.

The end of the third sub-wave ③ will likely reach the price level of 87.07. This is where the intermediate sub-wave (5), which is currently being built, will be at 61.8% of impulse (3).

Chart USOIL2

Alternatively, a continuation of the bearish trend is possible. Only the second intervening wave Ⓧ could be completed, it has the form of a double three (W)-(X)-(Y).

The scenario will be confirmed if the bears take the initiative and lead the market down, building a final wave Ⓩ.

The first goal, as far as the bears can reach, is a minimum of 64.20. At that level the actionary intermediate wave (Y) was completed.

Test your strategy on how the USOIL will fare with Orbex

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