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Brent Crude Oil, Elliot Wave Analysis

11/4/2022 10:51 AM

Growth is possible.

On the daily chart, the upward wave C develops, within which the first wave 1 of (1) of C formed, and a downward correction ended as the second wave 2 of (1) of C, within which the wave c of 2 formed. Now, the development of the third wave 3 of (1) has started, within which the first entry wave of the lower level (i) of i of 3 has formed, a local correction has ended as the wave (ii) of i of 3, and the wave (iii) of i of 3 is developing. If the assumption is correct, the asset will grow to the area of 110.40–119.65. In this scenario, critical stop loss level is 88.82.

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