At the current price of $60, WTI Crude appears to be completing a corrective wave 2 (Elliott Wave) within a larger downward impulse. The market may now enter wave 3 down, which typically is the most powerful leg in a five-wave decline. If this count holds, a breakdown toward $55 and potentially $50 is expected.

Key Resistance (Stop-loss zone):
$62.50–$63.00 – a break above this invalidates the bearish scenario and suggests a deeper correction or trend reversal.

Support & Target Zones:
– TP1: $55.00 – near-term support and first profit zone.
– TP2: $50.00 – medium-term bearish target if momentum continues.

MACD is crossing below the signal line, confirming growing bearish momentum.
RSI is neutral (~50), leaving room for a deeper decline before hitting oversold territory.

A short entry at $60, with stop-loss at $63, offers a favorable risk-reward setup. Bearish confirmation will strengthen on a daily close below $58.