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