Brent Crude Oil: wave analysis
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 71.75 |
| Take Profit | 62.50, 55.00 |
| Stop Loss | 76.70 |
| Key Levels | 55.00, 62.50, 76.70, 82.00, 88.60 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 76.75 |
| Take Profit | 82.00, 88.60 |
| Stop Loss | 75.00 |
| Key Levels | 55.00, 62.50, 76.70, 82.00, 88.60 |
A fall is possible.
On the weekly chart, a downward correction develops as the second wave of the higher level (2), within which the wave C of (2) forms. On the daily chart, the third wave iii of C of (2) is forming, within which a correction has developed as the fourth wave of the lower level (iv) of iii, and the fifth wave (v) of iii is forming. If the assumption is correct, the price of the asset will fall to the area of 62.50–55.00. In this scenario, critical stop loss level is 76.70.
Main scenario
Short positions will become relevant below the level of 76.70 with the targets at 62.50–55.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 76.70 will let the asset grow to the area of 82.00–88.60.
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