WTI crude oil Wave Analysis – 24 January, 2023

• WTI crude oil reversed from resistance level 81.6

• Likely to fall to support level 78.0

WTI crude oil recently reversed down from the pivotal resistance level 81.6 (which has been reversing the price from the end of November) intersecting with the 50% Fibonacci correction of the previous downward impulse from November.

The downward reversal from the resistance level 81.6 stopped the earlier minor ABC correction 2.

Given the persistent daily downtrend, WTI crude oil can be expected to fall further toward the next support level 78.0.