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).
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.
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.
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.