USOIL Update

So far, I haven't seen a five-wave up move, which would be the most basic bullish scenario. Instead, waves are subdivided in a 3-3-3 pattern, implying either a contracting or expanding diagonal. On the chart, I attempted to depict two possible bullish outcomes. Pale red represents a more volatile expanded diagonal scenario. Because there may be nested waves, the exact local highs and lows can be considerably different.