USOIL has formed a large, bearish trend in the form of a triple-zigzag. This consists of primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
It seems that the final sub-wave Ⓩ is a triple zigzag. It is possible that the primary wave Ⓩ will have the form of a (A)-(B)-(C) zigzag of the intermediate degree
As I write, the first subwave (A), is forming. This is the same as the minor impulses 1-2-3-4. This impulse can end at 61.99 where sub-wave 5 is 161.8% of the impulse 3.
Alternately, the intermediate wave of impulse (A) may have ended. If this scenario is confirmed then prices may move higher.
USOIL could move up within intermediate correction (B). It’s still hard to tell which correction model USOIL will accept. There is a good chance that this correction will bring the price to the 76.05 level.
At the level 76.05 wave (B), will be 61.8% of Impulse (A).
USOIL Bearish zigzag to $62! The post USOIL Bearish Zigzag to reach $62!