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The current UKOIL structure shows a bullish trend that consists of primary sub-waves Ⓐ-Ⓑ-Ⓒ.
The development of the last impulsive wave Ⓒ is formed by sub-waves (1)-(2)-(3)-(4)-(5).
Wave (5) is expected to end near 56.52, in which intermediate wave (5) will be at 61.8% of impulse (3).
However, an alternative outlook shows wave (3) currently in the form of a 5-wave impulse. With the minor wave 5 taking the form of an ending diagonal.
In the near future, price could decline within the corrective wave (4), which could take the form of a standard A-B-C zigzag.
Finally, the end of the intermediate correction is expected near 47.57. At that level, wave (4) will be at 38.2% of impulse (3).
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