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WTI Crude Oil: Fibonacci analysis

On the H4 chart, the price is correcting downwards from the level of 42.28 (ratio 0.0%) and now tends to 40.89 (ratio 38.2%). In case of a breakdown of it and the lower border of the ascending channel, the decline may continue to the level of 40.04 (ratio 61.8%), but for this, quotes will have to break through the ascending fan. Reverse consolidation of the price above 41.42 (ratio 23.6%) may return the instrument to the area of 42.28. Generally, technical indicators show a continued decline: Bollinger Bands and Stochastic are reversing down, MACD histogram has stabilized in the positive zone.