WTI OIL 1.5 month Channel Down started new Bearish Leg.

WTI Oil (USOIL) has been trading within a 1.5-month Channel Down (since the October 4 High), that priced last Friday its latest Lower High, this time above the 1D MA50 (red trend-line).

That initiated the new Bearish Leg (also confirmed by the 4H RSI rejection at the top of its range). All 4 previous Bearish Legs bottomed just when the hit the -0.236 Fibonacci extension.

Based on that, we are expecting WTI to make a new Lower Low at 56.200.

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