Impulsive Wave & Correction Wave

In the Elliot wave principle with fibonacci, if the swing failed to go beyond 61.8% to 38.2% of the previous impulsive swing, the market is pricing in correction size, and the previous swing direction remain as primary direction. The next impulsive wave will likely follow the same direction.

And this is what happening in WTI Crude Oil, the previous rally failed to sustain above 71.13 indicated the price trading in correction. Moving forward, trader please monitor this price level for direction indication. Current swing projection will be post in the next post.