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).