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).
Free Reports:
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.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
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
- Oil prices fall back to pre‑war levels. Silver drops to a 7‑month low Jun 25, 2026
- Gold Falls to an Eight-Month Low: This May Not Be the Bottom Jun 25, 2026
- Stock indices came under heavy selling pressure amid growing skepticism about AI investments Jun 24, 2026
- The Pound Is Pressured Not by Politics, but by a Strong US Dollar Jun 24, 2026
- Global crude oil prices continued to decline. The AUD/USD exchange rate hit an 11‑week low Jun 23, 2026
- EUR/USD Remains Under Sellers’ Control as the Dollar Stays Strong Jun 23, 2026
- Gold Falls for the Third Consecutive Week: Is There Still Upside Potential? Jun 22, 2026
- Bank Indonesia raised its interest rate. Norges Bank and the SNB left rates unchanged Jun 19, 2026
- EUR/USD Loses Ground as Market Sentiment Favours the US Dollar Jun 19, 2026
- GBPUSD Awaits Bank of England Meeting Near April Lows Jun 18, 2026
