Previously, the rally in crude oil from 76 was considered a rebound. It is the decline that started from the wave 5 point of 3.25 in the black line portion in the chart. After that, it did not break below 84.5 and instead reversed sharply—this also proves my understanding. The move up from 76 is only a rebound!

So now, it can be understood that this leg of decline starting from 106.5 is at the same level as the first wave on the left side of the chart. Next, we need to pay attention to the blue pressure zone of 91.4-92.9 in the chart. If the subsequent price action cannot effectively break through, then it is still regarded as having strong downward momentum#WTI