The contract is riding on a wave C or wave (3), both of which are capable of travelling to $64.57, their 100% projection level.
The fall on Tuesday is regarded as a pullback towards the
former resistance at $62,60, now a support. A further fall below
$61.99, however, could signal the completion of the wave C. A
bearish target range of $60.62-$61.37 will be established then.
On the daily chart, oil has cleared a resistance at $61.54,
the 38.2% projection level of a downward wave (C) from $75.60.
It is likely to rise towards $66.91. A double-bottom forming
around $57.19 suggests a similar target.