WTI recently reversed up from the support area located between the long term support level 35.000 (former monthly low from June), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from May. The upward reversal from this support area started the active short-term impulse wave (ii). Given the growing optimism about the on going US elections, WTI is likely to extend the gains toward the next resistance level 40.900 (former strong resistance from September and October and the target for the completion of the active wave (ii)).