WTI Wave Analysis – 23 September, 2022

• WTI broke key support 81.25

• Likely to fall to support level 75.00

WTI crude oil falling after the price broke the key support level 81.25 (which previously formed the daily Hammer in January and also the daily Morning Star at the start of September).

The breakout of the support level 81.25 coincided with the breakout of the support trendline of the weekly down channel from March – which accelerated the active impulse waves 5 and (C), helping them break below the round support 80.00.

WTI crude oil can be expected to fall further toward the next support level 75.00 (former minor support from the start of 2022).