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Brent Crude Oil, Elliot Wave Analysis

9/9/2022 11:26 AM

The price is in a correction, a fall is possible.

On the daily chart, the upward wave C forms, within which the first wave 1 of (1) of C developed, and a downward correction forms as the second wave 2 of (1) of C, within which the wave c of 2 develops. Now, the fifth wave (v) of c is forming, within which the wave iii of (v) is developing. If the assumption is correct, Brent Crude Oil price will fall to the area of 77.50–62.73. In this scenario, critical stop loss level is 97.60.






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