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OIL WTI: correction underway

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Oil WTI at H4 interval; source: TMS Direct
OIL WTI has decelerated a decline at 50 USD. It points to the possibility of creating an upward correction, which range reaches 51.46 USD (38.2 pct retracement and SMA(100)). The base scenario speaks of a return to a downward movement. Breaching below 50 USD would lead to 49.60 USD (61.8 pct retracement) and to the line connecting 16 and 17 lows at 48.50 USD.
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