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USOIL:  How Low Can The Market Collapse In The Intermediate Impulse?

USOIL: How Low Can The Market Collapse In The Intermediate Impulse?

Elliott Wave

Chart of USOIL

As a few weeks ago, the formation of a global bearish trend in the form of a triple zigzag continues for USOIL Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

At the moment, the final part of this triple zigzag can be built, that is, the sub-wave Ⓩ. Perhaps it will have the form of a simple zigzag (A)-(B)-(C) of the intermediate degree.

The impulse wave (A) and the zigzag correction (B) look complete. Impulse (C) is in the development stage.

Impulse (C) is most likely striving for equality with (A), so its end is expected near 54.38

Chart of USOIL

In the second scenario, the correction wave (B) may take on a more complex internal structure.

Perhaps the correction wave (B) will be a triple three. Now we can notice the completed sub-waves W-X-Y-X.

In the next coming trading days, a minor wave Z is expected to form in the form of a minute zigzag, approximately to the 78.84 mark.

At that level, correction (B) will be at 76.4% of impulse (A).

The post USOIL: How Low Can The Market Collapse In The Intermediate Impulse? appeared first on Orbex Forex Trading Blog.

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