Technical analysis

WTI Wave Analysis – 19 August, 2021

• WTI falling inside sharp (c)-wave

• Likely to test support level 61.60

WTI falling strongly today after it broke the support zone lying between the key support level 65.00 (which stopped the previous waves (a) and (i)) and the 61.8% Fibonacci correction of the upward price impulse from April.

The breakout of this support zone accelerated the (c)-wave of the active ABC correction 2.

WTI can be expected to fall further toward the next support level 61.60 (monthly low from May) followed by the support level 60.50 (200-day moving average and the target for the completion of the active ABC correction 2).

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