03 Mar

USOIL Bullish Trend Could Reach 144.83

March 3, 2022

By Orbex

USOIL

USOIL looks at a global upward impulse wave a of the cycle degree. This consists of primary sub-waves ①-②-③-④-⑤.

After the end of the primary correction wave ④, an impulse came into formation.

Most likely, the primary fifth wave is now under construction. In the medium term, this will take the form of an intermediate (1)-(2)-(3)-(4)-(5) impulse.

The end of the entire wave ⑤ is likely to reach the 144.83 area. At that level, it will be at 161.8% of primary impulse 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.





Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter




USOIL

Alternatively, it’s possible that the intermediate impulse wave (3), which is part of the primary fifth wave, has ended.

Thus, if this assumption is true, then a correction sub-wave (4) of the intermediate degree will form in the market.

Wave (4) could have a standard zigzag internal structure. On the chart, the form of this correction is depicted by red trend lines and it’s marked with minor sub-waves A-B-C.

At that level, the correction will be at 61.8% of the intermediate impulse wave (3). Thus, the price could end near 85.43.

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