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Brent Crude Oil, Elliot Wave Analysis

11/18/2022 10:51 AM

A fall is possible.

On the daily chart, a downward correction forms as the second wave of the higher level 2, within which the wave c of 2 develops. Now, the third wave of the lower level (iii) of c has formed, a local correction has ended as the fourth wave (iv) c and the development of the fifth wave (v) of c has started. If the assumption is correct, the price of the asset will fall to the area of 77.50–62.55. In this scenario, critical stop loss level is 100.87.



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