WTI Wave Analysis – 15 May, 2020

• WTI broke resistance zone

• Likely to rise to 31.77

WTI recently broke the resistance zone lying between the key resistance level 27.55 (top of the previous short–term impulse wave A) and the 38.2% Fibonacci correction of the previous downward impulse from February.

The breakout of this resistance zone is aligned with the medium-term ABC correction (4) from last month.

WTI is likely to rise further toward the next resistance level 31.77 (monthly high from April and the target price for the completion of the active correction (4)).