Brent oil to fall into $90.24-$91.03 range

Brent oil is expected to keep sliding into a range of $90.24-$91.03 per barrel, driven by a wave c.

This is the third wave of a three-wave cycle from $110.67.

This wave has travelled to its 76.4% projection level of $93.11.

Chances are high that it could extend to $90.24.

A projection analysis on the downtrend from $120.41 reveals a similar target of $91.03.

The fall may pause around the zone of $90.24-$91.03, to be disrupted by a bounce, as either of these supports is strong enough to temporarily stop the fall.

Brent oil may revisit its July 14 low of $94.50

A break above $94.89 may lead to a gain into $96.32-$97.76 range.

On the daily chart, the downtrend from $125.19 has extended.

The trend is riding on a wave (C), which could travel to $83.63, its 100% projection level.

Three smaller waves make up this wave.

The current wave c may travel to a lower target of $79.98.

A realistic target would be $91.70 or $89.28.