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.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
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
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
- COT Metals Charts: Speculator bets led by Gold & Steel May 4, 2024
- COT Bonds Charts: Speculator bets led lower by SOFR 3M & 10-Year Bonds May 4, 2024
- COT Soft Commodities Charts: Speculator bets led by Wheat, Soybean Meal & Corn May 4, 2024
- COT Stock Market Charts: Speculator bets led lower by S&P500 & MSCI EAFE May 4, 2024
- The British index has updated the historical maximum. Oil lost 5% over the week May 3, 2024
- US Fed tilts towards a rate cut despite the postponement. HKMA left the rate unchanged at 5.75% May 2, 2024
- Brent crude oil hits seven-week low May 2, 2024
- Target Thursdays: USDJPY, Copper & EURCAD May 2, 2024
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024