USOIL: Intermediate Correction Completion Hints At A Price Rise In A New Impulse.

USOIL: Intermediate Correction Completion Hints At A Price Rise In A New Impulse. - 1

USOIL suggests the development of the final part of the global impulse wave a of the cycle degree.

The 1H timeframe shows the markup of the final primary wave â‘¤, which takes the form of an intermediate impulse.

An intermediate correction (4) in the form of a minor double zigzag may have been completed recently. Thus, in the last section of the chart, we see that the price has started to rise in the intermediate wave (5). It is assumed that the intermediate wave (5) will take the form of a standard impulse.

The end of the specified pattern is possible near 129.59. At that level, wave (5) will be at the 76.4% Fibonacci extension of impulse (3).

USOIL: Intermediate Correction Completion Hints At A Price Rise In A New Impulse. - 2

However, the construction of the intermediate correction (4) can be continued. Thus, let's consider the second scenario. Perhaps it will have the form of a triple zigzag W-X-Y-X-Z.

The minor sub-waves W-X-Y-X look complete. Thus, in the near future, the downward movement is expected to continue in the actionary wave Z, which can be completed in the form of a minute triple zigzag â“¦-â“§-â“¨-â“§-â“©.

The price of oil may fall to the level of 66.17.

After reaching this level, the market is expected to grow above the maximum – 123.72.

Jing Ren

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London. Later on he worked as a senior analyst within the FX brokerage industry where he developed strategies in trading and risk management. With solid understanding of market dynamics he founded Wensfer to offer research and asset management services.