BRENT CRUDE OIL: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 81.56 |
| Take Profit | 84.45, 87.30 |
| Stop Loss | 80.60 |
| Key Levels | 55.00, 62.50, 76.56, 84.45, 87.30 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 76.55 |
| Take Profit | 62.50, 55.00 |
| Stop Loss | 81.25 |
| Key Levels | 55.00, 62.50, 76.56, 84.45, 87.30 |
The price of the asset is in a correction and may grow.
On the daily chart, the first wave of the higher level (1) ended, and a downward correction develops as the second wave (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C of (2) has ended, and a local correction is developing as the second wave ii of C of (2), within which the wave (b) of ii has formed, and the wave (c) of ii is developing. If the assumption is correct, the asset will grow to the area of 84.45–87.30. In this scenario, critical stop loss level is 76.56.
Main scenario
Long positions will become relevant above the level of 76.56 with the targets at 84.45–87.30. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 76.56 will let the asset go down to the area of 62.50–55.00.
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