US OIL Impulsive Structure Points At Higher Prices

US OIL price action hints at an upward 5-wave impulse in primary wave ③.

With internal intermediate waves (1)(2)(3) and (4) completed we can expect the final wave to push WTI  higher.

As waves 1 and 2 of (5) seem completed, prices could rise near 84.63. At that level, intermediate wave (5) will be at 61.8% of wave (3).


However, there is a possibility that wave (4) has not finished as a double zigzag, but as a triple zigzag.

In that case, prices could decline, and wave Z might form a bearish minute zigzag ⓐ-ⓑ-ⓒ .

The 3-wave pattern might end near 58.48. At that level, intermediate correction (4) will be equal to half of the impulse (3).

After completing the triple zigzag, prices might start to ascend in wave (5), above $77.08.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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