USOIL on the 1H time-frame shows the formation of the final primary wave ⑤. This takes the form of an intermediate ending diagonal.

An intermediate correction (4) in the form of a minor double zigzag could have been completed recently.

Now prices could begin to increase in the intermediate wave (5). This will take the form of a standard A-B-C zigzag.

The end of the specified construction is possible near 124.78. At that level, wave (5) will be at the 76.4% Fibonacci extension of impulse (3).

(Click on image to enlarge)

Alternatively, the construction of an intermediate correction (4) can be continued. It could have the form of a triple zigzag W-X-Y-X-Z.

The minor sub-waves W-X-Y-X can be completed. Soon, a decline is likely to continue in the final actionary sub-wave Z. This can be completed in the form of a minute triple zigzag ⓦ-ⓧ-ⓨ-ⓧ-ⓩ.

The oil price could fall to 69.35. At that level, minute waves ⓨ and ⓩ will be equal.

After reaching this level, the market is likely to move above 123.72.

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