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Brent Crude Oil, Elliot Wave Analysis

12/16/2022 10:48 AM

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

On the daily chart, a downward correction develops as the second wave of the higher level 2, within which the wave c of 2 forms. Now, the development of the fifth wave (v) of c has started, within which the wave iii of (v) has formed, and a local correction is ending as the wave iv of (v). If the assumption is correct, the price of the asset will fall to the area of 72.50–62.55. In this scenario, critical stop loss level is 89.80.

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