WTI has been sharply in the last few weeks inside the C-wave of the medium-term ABC correction (4) from July – which started when the price reversed down from the major resistance level 75.00.
The price is currently approaching the next key support level 58.00 (low of the previous correction (2) from February).
If the price breaks below the support level 58.00 – WTI can then be expected to fall further and re-test the next support level 56.00 (target price for the completion of the active wave (4)).
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