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).
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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).
Article by Orbex
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