WTI- Double Correction

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 WTI 4 hour chart

Analysis

As seen in the above chart, WTI Crude oil prices were moving in a sideways action from past 3 months which was taken out on the lower side last week. RSI has also exhibited positive divergence indicating that downside is either over or on the brink to be.

Last week I thought prices were moving in a triangle pattern where wave e was still pending and then the fall will strike. This was not the case as it happened to form a double correction in wave x and then it opened wave a which also looks to be double correction.

Wave theory suggests that, prices are moving down in a falling channel and has started wave a post wave x which consumed more time between $82-$72. Break of this level has made the fall impulse which I think can be wave a or a part of wave a.

In both the above case wave b can go higher which can test the level of $70-$72 in near term, that  can terminate wave b and then wave c lower.

The summation is WTI Crude Oil has high chance to show resilience from current levels towards $70-72 in near term.

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