WTI crude oil recently broke the key support level 74.5 (which has been reversing the pair from the start of October, as can be seen from the daily WTI chart below), standing close to the 50% Fibonacci correction of the sharp upward impulse wave (1) from the middle of August. The breakout of the support level 74.5 accelerated the active impulse wave (C) of the longerterm ABC correction (2) from October. Given the strongly risk-off sentiment seen across the commodities markets today, WTI crude oil can be expected to fall further toward the next support level 70.00 (target for the completion of the active ABC correction (2)).