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US Oil: Has a New Bullish Trend Started?

There is a high probability that a long-term corrective trend has ended for USOIL. It took the form of a primary triple zigzag consisting of sub-waves.

In the last section of the chart, we can see a market reversal and the beginning of a new bullish trend. Perhaps there is a construction of the primary impulse wave ①-②-③-④-⑤.

The end of the third sub-wave ③ is expected to reach the price level of 87.07, at which the intermediate sub-wave (5), which is currently being built, will be at 61.8% of impulse (3).

An approximate scheme of possible future movement is shown on the chart.

Alternatively, a continuation of the bearish trend is possible. Only the second intervening wave could be completed, it has the form of a double three (W)-(X)-(Y).

The scenario will be confirmed if the bears take the initiative and lead the market down, building a final wave.

The first goal, as far as the bears can reach, is a minimum of 64.20. At that level the actionary intermediate wave (Y) was completed.

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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