WTI crude oil Wave Analysis 2 May 2024

– WTI broke round support level 80.00

– Likely to fall to support level 76.00

WTI crude oil recently broke the round support level 80.00 (which has been reversing the price from the middle of March) standing close to the 38.2% Fibonacci correction of the upward impulse from February.

The breakout of the support level 80.00 accelerated the active minor impulse wave c of the ABC correction 4 from the start of April.

Given the strength of the active impulse wave c, WTI crude oil can be expected to fall further to the next support level 76.00 (target price for the completion of the active wave c).