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In the long term, USOIL seems to be forming a primary wave ⑤. This takes the form of an intermediate ending diagonal. On the 1H timeframe, we see its second half.

The intermediate correction wave (4) in the form of a minor double zigzag has recently ended.

Thus, at the moment, prices could move higher within the intermediate wave (5). It is assumed that the intermediate wave (5) will take the form of a standard 3-wave zigzag A-B-C

The end of this construction is possible near 115.11. At that level, wave (5) will be at the 61.8% Fibonacci extension of impulse (3).

Alternatively, the construction of the intermediate correction (4) can continue. Perhaps it will have the form of a triple zigzag W-X-Y-X-Z.

Thus, in the near future, the downward movement is likely to continue in the final actionary sub-wave Z. This can end in the form of a minute triple zigzag ⓦ-ⓧ-ⓨ-ⓧ-ⓩ.

The oil price could fall to 69.50, at which the minute waves ⓨ and ⓩ will be equal.

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

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