By Orbex

US OIL price action hints at an upward 5-wave impulse in primary wave ③.

With internal intermediate waves (1)(2)(3) and (4) completed we can expect the final wave to push WTI higher.

As waves 1 and 2 of (5) seem completed, prices could rise near 84.63. At that level, intermediate wave (5) will be at 61.8% of wave (3).

However, there is a possibility that wave (4) has not finished as a double zigzag, but as a triple zigzag.

In that case, prices could decline, and wave Z might form a bearish minute zigzag ⓐ-ⓑ-ⓒ .

The 3-wave pattern might end near 58.48. At that level, intermediate correction (4) will be equal to half of the impulse (3).

After completing the triple zigzag, prices might start to ascend in wave (5), above $77.08.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

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