Expected downward correction of Brent from Red resistance line. In case of crossing that line there is more strong resistance - Rose dotted line of multiyear uptrend. So there are two good entry points - 52.2 and 55.9 if Brent goes higher than 52.2.
So we have the end of wave 2 at 54.73 and the beginning of wave 3 of a new 12345 growth cycle. Wait for the end of microwave C at 57.2 and take a long position to 63.
So, we reached the goal at 52.7 – the end of sub-wave 5 of wave C. That point is turning point – start of new 5-3 Elliott cycle. In this view we wrote down sub-waves i and ii of wave 1 at 53.9. (Sub-wave ii may rich 53.7 – 0.618 of Fibo)
Long position to 56.4 – end of sub-wave iii of wave 1. Wave 1 will rich 57.
Short Brent to 52.
It seems that Brent is writing sub-wave v of wave C till the shown point at 52 (0.382 of Fibo retracement).
But it is still possible to turn up from 56 (0.618 of Fibo) because of trend line (red dashed line) - watch carefully ;) But in that case wave C is too short in theory...
I would take short ...