The current structure suggests that USOIL is forming a bullish impulse trend. After the end of the primary sub-waves ① and ②, the market continues to rise in the primary third wave. Wave ③ consists of sub-waves ①-②-③-④-⑤ of the intermediate degree.
The intermediate wave (3) has most likely come to an end. The last wave of which has taken the form of an ending diagonal.
It is likely that the price will move within an A-B-C zigzag pattern that can complete an intermediate corrective wave (4) near 57.76. At that level, wave (4) will be at 50% of wave (3).
Let’s consider an alternative scenario in which the formation of the primary impulse wave ③ is already close to the end.
The primary wave ③ consists of five sub-waves (1)-(2)-(3)-(4)-(5), where four parts out of five already look completed. The last wave (5) is half-built.
In the short term, the price will most likely roll back a little in correction 4, then it will start to rise again in wave 5 to 82.90. At that level, intermediate wave (5) will be at 76.45% of wave (3).
After the end of the entire primary wave ③, a move below the primary correction ④ is likely.