Short term bearishness in Brent Crude

30 Mar 2022

USDBRO is retracing in what seem to be wave C of ABC decline after completing a 5 wave impulse. There are 2 primary levels to watch out for - first is $87 based on A and C equality, but price could take support at the trendline and wave C could truncate or result in complex correction. That level would be between $98-$100.

Having said that, once this correction is over, we are looking at next impulse which could be equal to the previous impulse (1-2-3-4-5). Keep an eye!