WTI Wave Analysis – 4 August, 2022

• WTI broke round support level 90.00

• Likely to fall to support level 85.00

WTI crude oil today broke below the key round support level 90.00 (which has been reversing the pair from the end of February).

The breakout of the support level 90.00 accelerated the active impulse wave 5 of the intermediate impulse sequence (C) from the start of June.

WTI crude oil can be expected to fall toward the next support level 85.00 (target for the completion of the active impulse wave 5).