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 ⑤, 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).
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 ⓦ-ⓧ-ⓨ-ⓧ-ⓩ.
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.
