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ukoil elliott

Oil is currently forming a bullish primary Ⓐ-Ⓑ-Ⓒ zigzag.

Impulse wave Ⓐ has completed, whilst correction wave Ⓑ which consists of sub-waves (A)-(B)-(C) has also ended.

Intermediate sub-wave (B) is a minor contracting triangle.

In the near future, we could see the rise of the final impulse wave Ⓒ to the 51.77 area.

At that level, primary impulse Ⓒ will be at 50% of primary impulse Ⓐ.

ukoil

Alternatively, the primary corrective wave Ⓑ takes on a more complex pattern.

The formation of the specified wave is a bearish double (W)-(X)-(Y) zigzag. Currently, wave (W) has completed whereas intermediate intervening wave (X) could complete near 42.81. This will be at 61.8% of wave (W).

Then we can expect a decline in oil prices in wave (Y) by 31.13. At that level, correction Ⓑ will be at 50% of impulse wave Ⓐ.

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The post UKOIL Primary Impulse to Complete ZigZag appeared first on Orbex Forex Trading Blog.


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