Forex Trading Library

USOIL Bearish Zigzag to reach $62!

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USOIL is forming a large bearish trend taking the form of a triple zigzag. This consists of primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

It seems that the final sub-wave Ⓩ is a triple zigzag. It is possible that the primary wave Ⓩ will have the form of a  (A)-(B)-(C) zigzag of the intermediate degree

At the time of writing, the first sub-wave (A) is being formed. This is similar to the minor impulse 1-2-3-4-5. The end of this impulse can reach 61.99, where the sub-wave 5 will be at 161.8% of impulse 3.

Alternatively, the intermediate impulse wave (A) could have ended. If this scenario is confirmed, prices could move higher.

It is possible that USOIL will move up within the intermediate correction (B). It is still difficult to say which correction model it will accept. But there is a high probability that the price in this correction will reach the 76.05 mark.

At the level of 76.05, wave (B) will be at 61.8% of impulse (A).

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