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Brent Oil Looks For Correction Before Turning Higher: Elliott Wave

Brent Oil: We don't track this market much, but We know that most of the time it should move similar to Crude oil. However, this is not the case for the last few weeks (Brent was up, Crude down in November), so at this time each instrument should be tracked separately. Remember; lets focus on what is actually happening, and not on what we think it should be happening! On Brent We see a wedge pattern to the upside, counted as a leading diagonal in wave A so we expect a deeper three wave retracement in B, back to 107-108 region before uptrend resume for wave C up.

Brent Oil Elliott Wave Analysis 4h

Written by www.ew-forecast.com