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Wave Tech Analysis

FxPro Forex Analysis: WTI Wave Analysis – 17 July , 2018

• WTI broke support zone
• Likely to fall further

WTI recently broke below the support zone lying between the round support level 70.00 and 50% Fibonacci correction of the previous sharp upward impulse 3 from June.

The breakout of this support zone accelerated the active short-term impulse wave C which belongs to the ABC correction 4 from last month.

WTI is likely to fall further and re-test the next support level 66.80 (former resistance level from the middle of June).

WTIUSD - Primary Analysis - Jul-17 1714 PM (1 day)