19 Nov

USOIL Final Leg Of The Bullish Impulse Could Have Just Begun

November 19, 2021

By Orbex

We can assume that USOIL is currently developing a global upward impulse. This includes the primary wave ③.

The current chart shows the final part of the primary third wave, where we see the complete correction wave (4) of the intermediate degree. This wave is in the form of a double zigzag W-X-Y.

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

In the short term, the price could rise to the level of 97.44 in sub-wave 5. There 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




USOIL

An alternative scenario suggests that the intermediate correction wave (4), which is part of the primary third wave, is not complete yet.

We can assume that the impulse movement in the bullish intermediate wave (3) has just recently ended. And the intermediate correction (4) is still developing.

Thus, in the near future, we could see a correction decline of the market in the minor double zigzag W-X-Y as shown in the chart near 69.38. At that level, wave (4) will be at 38.2% of impulse wave (3).

After reaching the specified price mark, the market may rise above the maximum of 85.50. This level was marked by 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