$WTI OIL (4-hr) - Late WYCOFF Distribution phase to PROGRESSWest Texas Intermediate Crude Oil cashBLACKBULL:WTIColdBloodedCharterPLTR daily chart Yesterday I posted the weekly chart for the longer-term perspective, but I can see a lot of people already entered based on the breakout from the trendline (and possibly the wedge) on the daily timeframe, and there is quite a strong hype. Because of that, I took a closer look at the lower timeframe. First of all, RSI is heavily overextended at around 85 after a strong 17% move to the upside in just two days. Secondly, the wedge breakout projects a technical target around $220, but the question is whether we are due for a correction after such an aggressive impulse and a clear shift in market structure to bullish on the daily. On the weekly timeframe, a proper confirmation of structure change still requires a close above $160. MACD on the daily looks solid after a bullish crossover, and OBV also shows strength following a bullish divergence. However, the key factor here is the positioning of the most important moving average - the green 200 MA - which is sitting just above price and is still sloping downward, meaning it is likely to act as resistance. To me, this looks like a classic power move into resistance - in other words, an aggressive upside push directly into a major resistance zone. In fact, we are dealing with a confluence of resistance levels, since the weekly 50 MA is currently sitting around $159, creating a double resistance zone. Power moves into resistance most often result in a local rejection, mainly due to overextension and short-term profit taking by market participants. Because of that, I personally think entering here is premature. It is still essentially buying directly into resistance. However, the structure becomes very bullish if the weekly candle closes above $161-163: that would be a much stronger confirmation than the current impulse. Alternatively, I would be interested in a healthy correction and an RSI reset. By healthy correction I mean a technical pullback to one of the Fibonacci levels after the recent impulse wave, followed by a reaction from buyers. Something similar to what I marked on the attached 4H zoom. 👽💙