Hellena | OIL (4H): SHORT to the 71.5 support area.WTI Cash (or Spot) ContractPEPPERSTONE:SPOTCRUDEHellena_TradeThe previous OIL forecast remains valid, but the correction within wave "4" has lasted longer than I expected. There are two close scenarios now. Wave "4" may already be completed, with the price ready to continue lower from the current levels. The second scenario allows for one more move higher toward the 84 area, where the correction may finally come to an end. Once wave "4" is completed, I expect the lower-degree wave "5" to develop. The nearest target for this move is the 71.5 support area. There are deeper levels on the chart, but I do not see a reason to target the entire move at once. The 71.5 area has already produced strong price reactions and remains the nearest important zone. For now, I prefer to focus on this target. If OIL reaches the 84 area and buyers start losing strength there, I will watch for short positions. If the decline begins directly from the current levels, the 71.5 target will remain valid. This entire bearish structure is developing within the larger wave "C". The latest EIA outlook also fits this scenario. The agency raised its global oil production forecast after flows through the Strait of Hormuz resumed, while its consumption forecast was revised lower. More supply and weaker demand may continue to put pressure on oil prices. Manage your capital properly and wisely! Enter trades only based on reliable patterns!