WTI crude oil Wave Analysis – 9 May, 2022

• WTI crude oil reversed from resistance zone
• Likely to fall to support level 105.00

WTI crude oil recently reversed down from the resistance zone lying between the key resistance level 108.80 (top of the previous impulse wave 1) and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the earlier impulse waves (iii) and 3 of the medium-term impulse wave (3) from the start of April.

WTI crude oil can be expected to correct down further toward the next support level 105.00.