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The current USOIL structure indicates that the bearish cycle degree wave c has been completed.
We expect the recent upside starting at the c wave’s low to form a standard zigzag, which points at a bullish corrective Ⓐ-Ⓑ-Ⓒ pattern of the primary degree.
In a standard zigzag, we have a 5-waves move in wave Ⓐ (whereas in complex zigzags we have a 3-wave move). The particular structure contains waves (1)-(2)-(3)-(4)-(5) as part of the first correction.
At the time of writing, we can notice that intermediate wave (3) of Ⓐ has ended and a correction in wave (4) initiated. Without clear evidence as to where wave (4) will complete its bearish course, we can limit the move to wave (1)’s top -given its impulsive nature. A test there could send prices near 54.50 i.e. just above wave (3)’s high.
When we consider the previous corrective primary structure, we can also identify an alternative scenario. Here, the bullish 5-wave impulse could reach higher highs as correction patterns are expected to i...
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