WTI OIL, Develops Main Ascending-Wedge, Breakout Incoming!

Hello,

Welcome to this analysis about WTI OIL, we are looking at the 4-hour timeframe perspectives. On the weekly timeframe, WTI OIL is approaching a historical level at the 75 zones and besides that, I discovered important signs that will be a determining source for WTI OIL on the more local 4-hour timeframe perspectives. Currently, it is important to do not underestimate the upcoming bearish possibilities as WTI OIL moved into increased overbought conditions on the daily as well on the more local timeframe perspectives, this is why it should be definitely positive to be prepared on potential changes of direction and do not take up the bullish approach forever to do not get overwhelmed when the market conditions and volatility direction alters.

As I discovered now and when looking at my chart we can watch there how WTI OIL build up this massive ascending-wedge-formation in the structure marked with the boundaries in black and the coherent wave-count within. The wave counts almost already completed with the waves reaching from A to E in the structure and pulling back from the upper boundary, this is why continued entry of supply is possible here and should be expected in the next times. Such a formation is in almost most occasions a formation indicating a bearish reversal with heavily increased volatility to the downside when it completes. This is what should be also expected here.

Taking these factors into the consideration now WTI OIL is likely to complete the main decisive ascending-wedge-formation in the next times when price-action breaks out below the lower-boundary and closes there as it is marked in my chart. Such a price-action will complete the whole formation and will be the setup for bearish continuations to the downside with the activation of the main lower target and support-zone marked in blue where the situation needs to be elevated anew. For now, it is necessary to anticipate potential increased bearishness within the next times and to do not keep the resulting volatility that can increase out of it from the desk, it will be an important development ahead.

In this manner, thank you for watching my analysis about WTI OIL and the massive ascending-wedge which is likely to complete in the next times, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: WTI OIL completed the ascending wedge formation with a massive bearish pullback breakout as it finalized the wave count to pullback of the boundary and accelerate bearish momentum.

WTI OIL since completing the whole ascending wedge formation increased with huge accelerated bearish momentum to move into the final target zones.