The daily timeframe indicates it’s on a downtrend and gonna roll down below 68.50. In the 4hr yesterday we saw a huge fall from the resistance near the trend line. I home this fall will continue till 72.5 or beyond until we see next pullback.
I think WTI is in a fabulous uptrend with target about 88 USD to 90 USD!
Now we are in a corrective wave 2 pattern which belongs to a final wave 5 of 3 as you can see in the chart above and below. WTI closes the final wave 5 of 3 as a so called ending diagonal.
The green box shows the expected area where wave 2 comes to its end (at about 66 USD, I...