Technical analysis

WTI Wave Analysis – 18 November, 2022

WTI Wave Analysis – 18 November, 2022

• WTI broke key support level 82.90

• Likely to fall to support level 76.30

WTI recently broke the key support level 82.90 (which stopped the previous wave (B) from the middle of October), intersecting with the 61.8% Fibonacci correction of the upward ABC correction (B) from September.

The breakout of the support level 82.90 accelerated the active short-term impulse wave 3.

Given the accelerating daily downtrend, WTI can be expected to fall further toward the next support level 76.30 (former monthly low from September, target for the completion of the active impulse wave 3).

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