27 Oct

USOIL Impulse Push To 97.44

October 27, 2021

By Orbex

USOIL seems to be forming a global upward impulse, which includes the primary wave ③.

The current chart shows the final part of the primary third wave. This sees the end of correction wave (4) of the intermediate degree in the form of a double W-X-Y zigzag.

After the correction (4) ended, the market began to rise in the final intermediate wave (5). Then it took the form of a 5-wave impulse consisting of minor sub-waves 1-2-3-4-5, as shown on the chart.

In the near future, the price is likely to rise to the level of 97.44 in the minor sub-waves 3-4-5, where intermediate wave (5) will be at 100% 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




US OIL

An alternative scenario eyes the intermediate correction wave (4), which is part of the primary third wave, and has not yet ended.

The impulse move in the intermediate wave (3) has ended.

Thus, we expect a corrective decline in the minor zigzag A-B-C to 68.38 soon. At that level, wave (4) will be at 38.2% of impulse wave (3).

Orbex-LogoArticle 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


investmacro products link




Energy Financial News