Brent Crude Oil Technical Analysis Today – Elliott Wave and Price News, Oil Price Prediction!

Brent Crude Oil Technical Analysis Today – Elliott Wave and Price News, Oil Price Prediction!

[Music]
hello and welcome to another update
video about oil yeah let’s take a look
at the oil chart um not too much
happened since the last update so pretty
much the last update is still valid in
terms of levels but obviously price has
moved a little bit fur further so it’s I
think quite important to understand what
happened here first of all the base case
is that a larger degree B wve bottomed
in December
2023 December 2023 and from here the
market moved up in an ABC structure
which would be um wave 1 of a larger
degree seawave so it’s basically the
assumption would be that a c-wave is
don’t know where it is here yeah a five
wve move anyway but that this c-wave is
an ending diagonal due to the corrective
structure that’s unfolding here so wave
1 can be an ABC but then wave three
needs to be an ABC as well and wave five
alternatively it is possible that wave a
is still in the
making and then we get a B wve pullback
afterwards but that would require
actually the price to push higher more
aggressively to form a nice a ABC and
the alternative yellow a wave don’t see
that at this stage okay to me it looks
as if this wave two has started but then
the question is what is the micro count
and how could the micro structures
unfold I see two possible micro
structures in which the Wave 2 is still
unfolding first one is actually on the
chart and still valid and basically what
I highlighted last time a-wave down here
bottomed around the 18th of April
at around
$85 b-wave rally and then this could be
now the c-wave down in wave one wave two
and then 3 4 five that could push us P
push it down maybe towards 8140 or
$79.20 and this doesn’t look right I
think just doesn’t have the right look
this is valid technically okay that we
have an AB complete and the c-wave is
now unfolding and we already working on
the way W two of C to the downside and
by the way the support area is defined
between 8 $83 69 and
$765 um however it’s also possible and
it looks a little bit more like that
that we say this here is the low of the
A wve and we’re now working on the B wve
that allows me then also that looks
better to give you a resistance a
standard resistance area for that bwa W
and it is this yeah it’s between
$882 and
$901 so that means at the moment we seem
to be working on this b-wave corrective
rally might get a few more squiggles
higher next resistance is at $89 and
then $90 b-waves can overshoot they AB
absolutely can do that but this is just
a standard resistance area so that you
have some levels to watch and once we
see a let’s say fairly strong reaction
to that resistance area that could
indicate that the seawave to the
downside has started to unfold and then
as soon as the seawave is in this should
be an ABC structure in wave two
completed and the third wave rally could
start from there it would take a break
below the last swing low at around $86
to indicate that the seawave to the
downside has started if we get a
sustained break higher and the break
above $90 would need to think about if
this is still an extension in Wave 1 or
maybe something different is going on
but probably first I would explore if
it’s an extension in the wave 1 and wave
1 unfolds as a five wve move but for now
the move down corrective move up
corrective I think it suggests one more
low here in wave C probably into the
area around
$80 that’s just a quick update about oil
hope you like the update if you did
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[Applause]

Brent Crude Oil Technical Analysis Today – Elliott Wave and Price News, Oil Price Prediction!

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