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Brent Crude Oil, Elliot Wave Analysis

1/27/2023 10:12 AM

The price is in a correction and 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 third wave of the lower level (iii) of c has formed, and a local correction is ending as the fourth wave (iv) of c, within which the development of the wave c of (iv) is ending. If the assumption is correct, Brent Crude Oil will fall to the area of 72.50–62.55. In this scenario, critical stop loss level is 92.20.

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