The WTI crude oil structure is indicative of a powerful bearish impulse trend. This 5-wave move consists of primary waves ①-②-③-④-⑤ and is part of a cycle-degree a-b-c correction. A few sessions back, the intermediate-degree 5-wave bearish impulse completed in primary wave ③. This was naturally followed by a correction in wave ④, which resembles a triangle pattern. With that in mind, USOIL is poised to continue to move down in wave ⑤. The impending decline could take us down as far as the $9.75 area. At that level, wave ⑤ will be at the 138.2% Fibonacci extension of wave ③. A second look into both correction waves ② ... (full story)