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USOIL: Current 5-Wave Structure Looks Bearish
The current structure suggests that we are in the final part of a cycle degree zigzag d, which is part of a larger degree triangle. Wave d consists of primary waves Ⓐ, Ⓑ, and Ⓒ. With waves Ⓐ and Ⓑ fully completed and Ⓒ halfway through its final leg, we could expect the last move of the zigzag to end a little lower. Since wave Ⓐ was an impulse, wave Ⓒ will be completed in a similar 5-wave pattern too, namely (1)-(2)-(3)-(4)-(5). Wave (5) is the only incomplete wave of the intermediate degree pattern. Bears could take the oil prices near 47.79, as part of the 5-wave minor move to the downside. The target would respect ... (full story)