WTI crude oil Wave Analysis 23 January 2025

- WTI crude oil reversed from resistance level 78.00
- Likely to fall to support level 72.60

WTI crude oil recently reversed down from the major resistance level 78.00 (has been repeatedly reversing the price from July, as can be seen from the daily WTI chart below)

The downward reversal from the resistance level 78.00 started the active intermediate impulse wave (3).

WTI crude oil can be expected to fall toward the next support level 72.60 (low of the previous short-term correction iv from the start of this month).