Brent Oil - To Slide Before Heading to $150?

It is near impossible to following all the developments in the geopolitics and try to forecast the price of Oil but what does technical analysis suggest?

Elliott Waves break down:

• The sharp fall in March is clearly a motive wave which is likely based on a double zig-zag
  
• The correction that has been forming since then is clearly a triangle but this type is very tricky and more often than not confused a lot of traders
  
• Looking at the symmetry of the overall correction it is more likely that exit from the tringle is to be triggered downwards
  
• In the case of this scenario the next wave will also be in form of zigzags and retracing from 0.618 to 0.786 of wave X hence the target of $84 to $89
  

As mentioned earlier, if the triangles are very condensed and of high amplitude it is more difficult to predict their development.
So let's see what happens next week and update the count as needed.

What are your thoughts about this scenario?

Please share your thoughts in the comments and like this idea if you would like to see more stocks analysed using Elliott Waves.

Thanks