I believe that oil is building a zigzag after is bottomed on April 23, 2020. It seems to me it has already formed the first 3 waves as part of the second leg of the zigzag.
The length of wave 3 was just about 1.2 of wave 1, therefore the wave 5 may be extended one. But I have a secondary, alternative wave count where wave 3 is very close to 1.6 of wave 1, therefore the targets for oil are $88 or $118.
I still believe that correction from 8 of March is not completed yet, and I am expecting a pullback. The reason is that the first wave of the correction has 5 wave structure, therefore one more leg of the zig-zag is still missing. At the moment the price just went up almost reaching the ~61% fibo, so it is the perfect moment for start wave C of A-B-C zig-zag with target between 60 and 64 (I will be looking at the wave structure not price target). After then the bill trend will resume.
The length of wave 3 was just about 1.2 of wave 1, therefore the wave 5 may be extended one. But I have a secondary, alternative wave count where wave 3 is very close to 1.6 of wave 1, therefore the targets for oil are $88 or $118.
I still believe that correction from 8 of March is not completed yet, and I am expecting a pullback. The reason is that the first wave of the correction has 5 wave structure, therefore one more leg of the zig-zag is still missing. At the moment the price just went up almost reaching the ~61% fibo, so it is the perfect moment for start wave C of A-B-C zig-zag with target between 60 and 64 (I will be looking at the wave structure not price target). After then the bill trend will resume.
