After taking out the trendline last night post API's, WTI does appear to have bounced from the .382 retracement. However, the move down is only a little over 24 hr.s old, additionally, there is as yet no RSI divergence. Even if this is a corrective pullback it would be early for it to be over. It is more likely that the recent rally was a series of corrective abc's and WTI is now resuming the downtrend. Pls see COYOTE SIGHTINGS chart posted 7.27. Overlapping 63.71 will negate any poss. interpretation of the rally as being anything other than a correction.
If WTI is just beginning an impulse wave down, bounces should be minimal as it develops. This wave down can be labeled either a C or 3 , and potenial downside risk is high as a result.


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