WTI oil Wave Analysis 18 March, 2021

• WTI oil broke through support area

• Likely to test support level 59.15

WTI oil today broke sharply through the support area located between the support level 63.10 (which stopped the previous minor corrective wave (a)) earlier this month) – coinciding with the 50% Fibonacci retracement of the upward impulse (i).

The breakout of this support area accelerated the active minor impulse wave c of the ABC correction (ii) from the start of this month.

Given the deterioration of the risk sentiment  – WTI oil is likely to fall further toward the next support level 59.15 (low of the previous waves (iv) and 4).