USOIL: End Of Correction Hints At New Impulse

(Click on image to enlarge)

Chart of USOIL

In the long term, USOIL could form a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The primary waves Ⓦ-Ⓧ-Ⓨ seem fully completed.

Since December 2022, the market has been moving in an upward primary wave Ⓧ. Perhaps it takes the form of an intermediate double zigzag (W)-(X)-(Y). Now prices are moving higher in the final actionary wave (Y).

The wave (Y) will likely end near 90.44, taking the form of a zigzag A-B-C. At that level, wave Ⓧ will be at 38.2% of wave Ⓨ.

(Click on image to enlarge)

Chart of USOIL

There is a possibility that the intervening wave Ⓧ has already been completed at the previous maximum of 81.70.

Most likely, now and in the near future, we will observe a decline and the development of the primary actionary wave Ⓩ.

The bearish trend will likely continue to 55.73. At that level, primary wave Ⓩ will be at 50% of wave Ⓨ


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