Brent Oil Started Course in Final 5th Leg

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The UKOIL structure shows a bearish impulse. It consists of primary waves ①-②-③-④-⑤.

It is likely that the correction wave ④ has completed on a triple zigzag (W)-(X)-(Y)-(X)-(Z) pattern. Its final wave (Z) ended with an ending diagonal in minor wave C.

We anticipate a decline in the intermediate sub-wave (1). Then, we expect the decline to continue in waves (2)-(3).

We expect the commodity to fall below the previous low formed by intervening wave (X), at 28.97.

BrentOil

An alternative scenario suggests that corrective wave ④ is not yet complete.

We anticipate the final wave (Z) to complete the triple zigzag in wave ④. This follows the completion of the triangle in the second intervening wave (X).

Prices could to rise in a minor A-B-C pattern near the 56.45 area.

The target would respect the tenancy of intermediate waves (Z) and (Y) being equal.

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