Prices for WTI Crude Oil are showing a corrective decline, retreating from the local highs of May 31, updated the day before. The instrument is testing 77.25 for a breakdown, while trading participants are awaiting the publication of the results of the US Federal Reserve meeting, which will take place on Wednesday at 20:00 (GMT+2).

Quotes of WTI Crude Oil corrected to the resistance level of 75.60 after a rapid downward trend caused by the OPEC+ decision.

A fall is possible.

On the daily chart, a downward correction develops as the second wave of the higher level (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C has ended, a correction has formed as the second wave ii of C, and the third wave iii of C is developing, within which the wave (iii) of iii has started. If the assumption is correct, the price of the asset will fall to the area of 67.60–60.00. In this scenario, critical stop loss level is 81.00.