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Brent oil may revisit its Monday low of $88.50 per barrel, as the drop on Tuesday marked a completion of the bounce from this level.

The drop was full of momentum, which does not look like a typical correction.

Instead, it is regarded as the continuation of the downtrend from $95.80.

The trend consists of three big waves.

The current wave C from $95.80 is unfolding.

Brent oil may retest $92.53 after shallow drop

A projection analysis on this wave reveals its close relation to the wave A.

Resistance zone is from $91.29-$91.50, a break above which may lead to a gain into $92.15-$93.01 range.

On the daily chart, following their failure to break $89.28, bears manoeuvred towards this level again.

This time, bulls would face very intense assault.

They are expected to give up this battlefield and retreat.

Step by step, bears could claw back the territory between $63.02 and $77.56, as suggested by a retracement analysis.

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