WTI crude oil is facing strong bearish pressure, leading to expectations of a decline towards the next support level at 76.75. This drop follows the breakdown of the support zone at the junction of the key support level 80.40, support trendline of the daily up channel from January, and the 38.2% Fibonacci correction from the previous upward movement in December. This breakdown has sped up the c-wave of the active minor ABC correction 4 since the beginning of April.

The current status of WTI crude oil indicates a significant amount of bearish pressure, triggered by the breach of the support zone at the convergence of the key support level 80.40. The support level correlates with the low of wave iv from March on the daily WTI chart. The support zone also comprises the support trendline and the 38.2% Fibonacci correction level, portraying a challenging situation for WTI crude oil.

The acceleration of the c-wave, following the breach of the support zone, indicates a potential further decline of WTI crude oil towards the next support level at 76.75. This level represents the former monthly low recorded in March and is the target price for the conclusion of the active wave c. With the global risk-on sentiment impacting the energy market, it is crucial for investors to monitor these developments closely.

In summary, WTI crude oil is currently under intense bearish pressure, leading to projections of a decline towards the next support level at 76.75. The breakdown of the support zone at the key level of 80.40 has hastened the c-wave of the active minor ABC correction 4 since April. Investors are advised to stay attentive to the ongoing global risk-on sentiment influencing the energy market.