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Forex news -forex broker review => Forex => Topic started by: PocketOption on Feb 04, 2023, 11:22 am

Title: USOIL End Of Correction Hints at New Impulse
Post by: PocketOption on Feb 04, 2023, 11:22 am
USOIL End Of Correction Hints at New Impulse

ElliottWave

Chart of USOIL


In the long term, USOIL could 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). Now prices are moving higher in the final actionary wave (Y).


The wave (Y) will likely end near 90.44, taking the form of a zigzag A-B-C. At that level, wave Ⓧ will be at 38.2% of wave Ⓨ.


Chart of USOIL


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 Ⓩ.


The bearish trend will likely continue to 55.73. At that level, primary wave Ⓩ will be at 50% of wave Ⓨ


 


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Source: USOIL End Of Correction Hints at New Impulse (https://www.orbex.com/blog/en/2023/02/usoil-end-of-correction-hints-at-new-impulse)