Monday, July 14, 2014

Elliott wave analysis of Brent Crude Oil - Downside thrust of the triangle should be seen soon

Brent Crude Oil triangle support about to be broken

Brent crude oil has been locked within a triangle consolidation since the mid-2012, but it should just be a matter of time before the triangle support is broken and the next decline towards 81.56 is seen. A break below the triangle support-line at 106.27 will call for a decline to 103.95 and 96.75 as the next targets on the way lower to 81.56.

If the triangle support-line is able to cause a correction more, then expect resistance at 107.76 to protect the upside for the next attempt to break below the triangle support-line.

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