A complete review of Brent oil with Elliott styleConsidering that oil left its long-term correction process on April 20, 2022; It started an increasing and powerful process and increasing tensions and war made this process more powerful.
By carefully examining this trend, it can be said that this trend ended in 5 waves; And now, with the situation balancing a little, the stagnation, the increase in oil production, and at the same time the permission of Venezuela to enter the oil market; The price has entered price correction. It should be expected that this price correction will be in the form of a wave (ABC).
Considering the price movement in the lower time frame, it can be expected that wave A will be formed in the form of 5 waves.
I believe; Currently, wave 1 is being completed, so we have to wait for wave 2 to be created.
If the end of wave 2 is 115; This analysis is complete and you can make the most of the other waves shown.
It should be considered that with the price reaching the range of 36-39.5 in the consolidation of the higher time frame, this whole movement can be considered as wave 1 and 2.
Tip: We have to see how the trend will be formed along the downward path; It is possible that this entire decline in price can be shown in the higher consolidation of an A wave.
In any case, upon reaching the price range of 36 to 39.5, the trend should be re-examined and a new analysis should be presented.
This analysis is prepared with an economic perspective; But from a human point of view, I am very sorry for the war and I sincerely sympathize with Ukraine.
what is your opinion ?
(be profitable)
