Wed, Feb 01, 2023 @ 00:28 GMT
HomeContributorsTechnical AnalysisUS Oil: Price Adjustment Completed, Expect Formation of a Minor Zigzag

US Oil: Price Adjustment Completed, Expect Formation of a Minor Zigzag

USOIL on the 1H time-frame shows the marking of the final primary wave ⑤, which takes the form of an intermediate ending diagonal. We see the second half.

An intermediate correction (4) in the form of a minor double zigzag may have been completed recently.

Thus, now we see that the price could start to rise in the intermediate wave (5). It is assumed that the intermediate wave (5) will take the form of a standard 3-wave zigzag A-B-C

The end of the specified construction is possible near 124.78. At that level, wave (5) will be at the 76.4% Fibonacci extension of impulse (3).

Alternatively, the construction of an intermediate correction (4) can be continued. It may have the form of a triple zigzag W-X-Y-X-Z.

The minor sub-waves W-X-Y-X can be completed. Thus, in the near future, the downward movement is expected to continue in the final actionary sub-wave Z, which can be completed in the form of a minute triple zigzag ⓦ-ⓧ-ⓨ-ⓧ-ⓩ.

The oil price may fall to 69.35. At that level, minute waves ⓨ and ⓩ will be equal.

After reaching this level, the market is expected to grow above the maximum – 123.72.

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