Brent Crude Oil - Break of Counter Trendline & Fib Retracement
Looking at the weekly time frame, price has failed to break a bearish trend line. Within this, on the daily time frame, price is currently at the bottom of a counter trend line. If this is broken, we should see large bearish movement towards the 28.00 level. This target is where an ABCD pattern completes and where a fib extension completes. The overall trend is bearish, we are currently in a series of lower lows and lower highs, furthermore at the the top of the C leg is in the 61.8% fib entrancement level on the monthly time frame. Look for a break of the counter trend line for confirmation.
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