In the long term, USOIL may form a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The primary waves Ⓦ-Ⓧ-Ⓨ seem fully completed.
Since December 2022, the market has been moving in an upward primary wave Ⓧ. Perhaps it takes the form of an intermediate double zigzag (W)-(X)-(Y), and now the price is going up in the last actionary wave (Y).
It is likely that the wave (Y) will end near 90.44, taking the form of a zigzag A-B-C. At that level, wave Ⓧ will be at 38.2% of wave Ⓨ.
There is a possibility that the intervening wave Ⓧ has already been completed at the previous maximum of 81.70.
Most likely, now and in the near future we will observe a decline and the development of the primary actionary wave Ⓩ.
It is likely that the bearish trend will continue to 55.73. At that level, primary wave Ⓩ will be at 50% of wave Ⓨ.
