WTI Wave Analysis – 23 May, 2019

• WTI broke support area
• Further losses are likely

WTI recently broke through the support area lying between the round support level 60.00 (former resistance from March) and the support trendline of the daily up channel from February.

The breakout of this support area accelerated the active medium-term impulse wave (3) of the downward impulse sequence ③ from April.

WTI is expected to fall further and retest the next support level 57.50 (former resistance from February).