WTI: Doooown…

After one last surge, WTI has jumped below the support line at $92.93, its shout echoing through the chart. Now that it has begun the descent, it should continue it into the blue zone between $81.16 and $77.55, where it should finish wave 3 in blue.
Alternatively, there is a 35% chance that WTI could gain upwards momentum again and could make it not only back above $92.93 but also above the resistance at $101.88. In this case, it should pursue the ascent above $105.24 and into the turquoise zone between $107.12 and $116.59 first before moving downwards.