USA Brent Crude Oil has lost its 55$ channel and falls into 54~55 but the bearish power last week was so strong that I don't think that the chart may go back in its previous channel for now
so as the market open as the money flows in the chart goes a lil bit higher but it counts as a pullback and then more corrections so be ware with your assets if you are a...
The long awaited correction in oil has kicked off as we got beautiful impulse down with all 5 waves visible and clear.
It could be a wave A of (2). And I expect some recovery soon as another short opportunity.
The next leg target will be updated upon completion of the wave B.
The wave 5 of A is still in progress and could drop lower.
This is an update for the earlier map (see related)
Wave X could have built a triangle ABCDE.
All rules are obeyed.
Price should trigger the terminal point of wave D of triangle to destroy it below 41.30.
The target is the same
The price broke down the double three WXY of (B) corrective structure.
We got the pullback to the broken support.
Watch further break below minor support.
Wave (C) could retest the former valley of 34.34
See related Brent crude for education purpose - the overall structure is the same, but the current corrective structure in wave (B) differs.
We got the first leg down (A) of the second drop ((W)) to complete the big consolidation (((4))).
I expect the retracement (B) to emerge soon to reach between 41.60 and 42.20
I highlighted the historical pullback with green ellipse for sample.
Another drop down (C) could undershoot at 37.51, ((Y))=((W)) or overlap beyond the terminal point of wave ((W)) below 36.99.
The price failed to tag the former top of 43.40, but it's ok and the huge flat correction goes as planned (see related).
We got move down and almost full retracement of it in place. Another drop is pending to complete the correction.
The minimum target is located at the former low of 36.99.
This could be more simple - just a zigzag
wave (C) could be underway then. It could hit at least the 61.8% of (A) = 39.77 or just below the terminal point of wave (A).
It can go deeper to hit 38.40 where (C) = (A).
Watch reaction in blue box.
The target from my last update for this idea was reached at 43.40 - exactly to the tick. I think it's just lucky coincidence ))
Now the market is consolidating within 39.84-43.40 range.
We got sharp wave (A) down in place, which hit 39.84; now the wave (B) is underway....
Earlier I posted an updated map where I was expecting a simple ABC correction down to hit 31-32 (see related)
It emerged as double three WXY instead and the wave (X) ran deeper to retest the start of wave (W) making it classic flat correction.
It looks finished as wave C of (Y) unfolded as an Ending Diagonal.
It was broken up now and the calculated target is...