Brent is currently glued to the resistance at $114.74, where it has finished wave b in blue. However, we expect it to let go of this mark soon to fall into the turquoise zone between $101.67 and $99.83. There, it should complete wave a in turquoise and move back above $104.67 afterwards to finish wave b in turquoise. After that is settled, Brent should gradually fall below the support lines at $104.67, $97.56 and $93.57. There is a 40% chance, though, that Brent could climb above $114.74 and make a detour through the green zone between $117.78 and $133.52 first before moving downwards.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.