WTI Wave Analysis – 21 August, 2019

WTI broke daily down channel
Further gains are likely

WTI recently broke the resistance trendline of the daily down channel from July – which enclosed the previous short-term ABC correction C.

The breakout of this down channel should accelerate the active impulse wave 3 – which belongs to the medium-term upward impulse (C) from major support level 52.00.

WTI is expected to rise further and retest the next resistance level 59.00 (which reversed earlier wave (ii) in July).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: WTIUSD

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