On my point of view on the BRENT oil chart at the present moment there are two scenarios which are possible under the preliminary calculations.
The 1st-variant :
The fourth correctional wave is formed on the chart, it is with a price approximately 46-55 $ per barrel.
The resistance line on the chart can be considered as an approximate reference point for the 4th wave end.
The fifth wave will follow downwards in this variant with the expected price ending approximately at 29-10 $ per barrel with the call to the lowest price rate, at the moment it is not possible to calculate more precisely at the moment because of the fact that the 4th wave is not formed.
It is important to take into consideration that the 4th wave can have some very complex formations but the price range for it, it is necessary to say it again that it is only in this variant ☝, I find it true, if the 4th wave end is in the resistance line area, then the 5th wave bottom limit principally shouldn’t go below 15$ per barrel.
And it is only the 1st variant in my opinion!
To be continued
The 2nd Variant :
On the following chart
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Important!
Once again for understanding, the wave structure, patterns, and graphic models tend to change or change the structure, therefore confirmation is important.
The author does not sell anything! He does not give signals to enter or exit a deal!
Does not take funds into management!
Does not educate others on a paid or free basis! Well and so on 😉
Remember!
Forecasts of financial markets are the private opinion of the author.
The current analysis is not a trading guide.
The author is not responsible for the results of work that may arise when using trading recommendations from the submitted reviews.
