WTI crude oil Wave Analysis 4 September 2024

– WTI crude oil broke key support level 71.40

– Likely to fall to support level 68.00

WTI crude oil recently broke sharply below the key support level 71.40 (which has been repeatedly reversing the price from the start of February).

The breakout of the support level 71.40 accelerated the active impulse wave c of the medium-term ABC correction 2 from April.

WTI crude oil can be expected to fall to the next support level 68.00, low of the previous correction (2) from December – from where the price is likely to correct up.