USOIL Cycle Wave C To Complete Near 93.71

USOIL

USOIL seems to be forming a global upward impulse c of the cycle degree, which consists of primary sub-waves ①-②-③-④-⑤.

At the beginning of December, the market completed a downward price movement within the primary fourth correction. It looks like a zigzag pattern (A)-(B)-(C).

After the end of the wave ④, there was a price reversal and growth in an impulse form.  We can assume that the initial part of the primary fifth wave is currently under construction. And in the medium term, it will take the form of an intermediate impulse (1)-(2)-(3)-(4)-(5).

The end of the entire wave ⑤ could reach 93.76. At that level, it will be at 76.4% of primary impulse ③.

USOIL

Alternatively, only the third primary wave is currently forming into an intermediate impulse (1)-(2)-(3)-(4)-(5), which could soon be fully complete.

Currently, the market is most likely in the last minor wave 5, part of the intermediate impulse (5). The end of wave 5 might be around the 86.05 level. And that is slightly above the previous peak, where the intermediate wave (3) ended.

At the level of 86.05, intermediate impulse wave (5) will be at the 50% Fibonacci extension of intermediate impulse (3).

After reaching that price level, we can expect a fall in the primary fourth wave.

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“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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