• WTI dropped to the %75s and now the daily chart shows the price breaking the trendline support.
• WTI, however, is now correcting higher to $76.70 resistance.
• The $77.70s are eyed as a 61.8% ratio target.

As per the prior analysis of the week, targetting the $75s target area, the objective was reached in the New york equities cash opening window with heightened volatility. The focus is now on the upside as the bulls move in for the kill to sweep the buy liquidity with a focus on the Asian highs that guard the price imbalances above. Targets are placed around $77.50 (50% mean reversion area), $77.70 (Mondayinitial balance lows) and a 61.8% Fibonacci retracement of the latest bearish impulse around $78.80 as the following analysis illustrates. 

WTI, prior analysis 

 WTI bears taking control into the Fed, eyes on $75.00bbl

 WTI Price Analysis: Bears break key hourly structure, eye $75.00bbls

It was suggested that ''a correction into resistance could entice trapped longs to get out of losing or breakeven positions and subsequently the shorts coming onto the market around 38.2% Fibonacci correction could see a move out of the consolidation below the trapped volume and into a 100% measured target towards $75.00 over the course of the coming week.''