This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The current 4H formation on USOIL shows an intervening primary wave Ⓧ consisting of intermediate sub-waves (А), (В) and (С).

The bullish corrective wave (B) hints to a triple zigzag pattern W-X-Y-X-Z of the minor degree.

At the time of writing, the final part of this triple combination seems to be under formation (minor wave Z). With most of the minute waves completed, we can now expect a bullish 5-wave impulse in the minute wave ⓒ degree.

A closer look at the 1H timeframe clearly indicates that after the minute-degree correction to wave ⓑ, a minute 5-wave impulse has started building up.

Impulse ⓒ looks near its end. The full completion of the correction to wave (iv) could provide the final push (wave (v)) near the $60 area.

At this level, wave (v) will be approximately equal to wave (i). Approximately because the correction to wave (iv) has not yet finished.  Therefore, the projection is a guestimate of a possible future zone.

The post USOIL (WTI): 60.00 Likely To Complete Triple Z...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Tagged on: