NYMEX:BZ1!   BRENT LAST DAY FINANCIAL FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
SHORT: Target is 40$ (BZ1!)

However:

The current wave (IV) is the next-to-last wave in general downtrend/correction since July 2008 (on monthly timeframe ). Upon completion of last (I)-(V) out of last {C} the trend will change and the targets will be (80$ and then 140$)
Here it means that either (IV) or the last wave (V) will be complicated.
In other words:
If (IV) is complicated (e.g. double zig-zag ) than (V) is simple
If (IV) is simple ( zig-zag ) than (V) is complicated (e.g. ending diagonal )

As to the current technical situation I do not see any sentiment to drop the price below EMA50 (day) and complicate wave (IV). To the contrary the price tends to 50$ (EMA200 day) and only after the price will look down to 20-s$.
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.