Brent oil may revisit its Wednesday low of $71.67, driven by a powerful wave c. This wave has briefly extended below its 161.8% projection level of $73.59.
It has a better chance of travelling into a range of $67.57 to $68.99.
In terms of pattern, this wave looks far from complete as well.
It consists of many smaller waves.
The third wave labelled 3 is still unfolding. Resistance is at $75.01, a break above may lead to a gain into $76.43-$77.31 range.
Brent oil may test resistance $78.73
On the daily chart, a confirmed flag suggests a target of $57.95, the 161.8% projection level of the wave (C).
A retracement analysis on the uptrend from $15.98 reveals a slightly higher target of $63.02.
A decent consolidation or bounce may not occur until oil plunges into the zone of $57.95 to $63.02 range.
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