US OIL prices continue to decline in what seems to be a wave Y of a double zigzag correction. The current action suggests that the complex pattern belongs to wave ③ of a primary degree bullish impulse. As part of an intermediate wave (2), we can expect the dip to complete the combination lower. Prices could move towards – and past – the 61.80% of waves (1)(2), near $64.77. Should bears break the golden ratio, prices could head even lower down. They could reach the 100% extension of waves WX, near $62.50. On a different note, when considering medium-term price action, we can see the current short-term structure to be ... (full story)