USOIL looks to be in a corrective channel following an impulsive move from a meaningful low around 34.80 and the piercing line candle on 25th August.
On 4hr it looks like a 5 wave impulsive move from this low, now price seems to corrective with overlapping waves, there are 2 scenarios here one is a triangle in wave (ii) or potentially price is in the corrective channel and may retest the .618 level around 42.20 before commencing bullish wave (iii)
On 4hr it looks like a 5 wave impulsive move from this low, now price seems to corrective with overlapping waves, there are 2 scenarios here one is a triangle in wave (ii) or potentially price is in the corrective channel and may retest the .618 level around 42.20 before commencing bullish wave (iii)