US Oil: Bears have completed the impulse, bulls have started forming a correction
USOIL suggests the construction of the final part of the primary wave Ⓩ, which is part of a large triple zigzag. This wave may take the form of a double zigzag of the intermediate degree (W)-(X)-(Y).
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The last actionary wave (Y) is currently under development. Most likely, the first impulse wave A has ended, and now the price is going up in correction B.
The expected end of the minor correction is the level of 72.68. At that level, wave B will be at the 50% Fibonacci extension of impulse A.
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Alternatively, the bear market may continue in impulse A.
It is assumed that only the first three minute sub-waves are completed as part of this impulse. Therefore, in the near future, the formation of a minute fourth correction and a minute fifth wave is expected, which may take the form of an impulse or an ending diagonal.
The end of wave A is expected near 59.87. At that level, its fifth sub-wave will be at 76.4% of third minute impulse.
Author
Jing Ren
Orbex
Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.
