USOIL suggests the development of the final part of the global impulse wave a of the cycle degree. The 1H timeframe shows the markup of the final primary wave ⑤, which takes the form of an intermediate impulse.
Perhaps in the middle of the current month, an intermediate correction (4) was completed in the form of a minor zigzag, then the price began to rise in the intermediate wave (5).
It is assumed that the intermediate wave (5) may take the form of a standard minor impulse 1-2-3-4-5, as shown on the chart.
The end of the specified pattern is possible near 129.80. At that level, wave (5) will be at the 61.8% Fibonacci extension of impulse (3).
According to the alternative, we see that the construction of the intermediate correction (4) can be continued. Perhaps it will have the form of a triple three W-X-Y-X-Z.
The minor sub-waves W-X-Y-X look complete. Thus, in the near future, a downward movement is expected in the actionary sub-wave Z, which can be completed in the form of a minute triple zigzag ⓦ-ⓧ-ⓨ-ⓧ-ⓩ.
The oil price may fall to 81.04. At that level, intermediate correction (4) will be at 76.4% of impulse (3).
After the end of the flat, the market is expected to grow above the maximum – 123.72.
