By Orbex
USOIL hints at a global cycle impulse that consists of sub-waves I-II-III-IV-V.
Impulsive wave III completed its pattern. It was formed by the primary sub-waves ①-②-③-④-⑤.
Currently, cycle wave IV which is under development may have the form of a standard Ⓐ-Ⓑ-Ⓒ zigzag.
In the short term, intermediate sub-waves (4) and (5) could complete the primary impulse Ⓐ. This could be followed by a slight rise in correction wave Ⓑ, and then a decline in the impulse wave Ⓒ.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
We may expect the end of the correction near 53.58. At that level, wave IV will be at 38.2% of impulse III. After reaching this level, a bullish rise in wave V above the high of 63.58 is likely.
An alternative scenario shows the initial part of the final intermediate sub-wave (5), which could complete the cycle impulse III.
At that level, intermediate wave (5) will be at the 61.8 % Fibonacci extension of intermediate wave (3).
Finally, prices could turn and begin to form a bearish correction IV.
By Orbex
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024