After a period of consolidation in the range of 56-62, WTI Oil
made a big corrective move to the 76.2% Fib level (range 41.01-62.96) from where it seems to bounce off again to higher ground. Seen on the chart is an Elliot Wave
that shows wave nr. 4 probably being ended anytime soon, and wave nr. 5 commencing her trip to higher price levels.
First level of support:
49.82 (61.8%Fib), 52.33 (50%Fib), 54.84 (38.2%Fib), 57.94 (23.6%Fib) and finally 62.96 (0%Fib).
Iran returning to the market could drive price to lower levels.