• Brent crude oil falling sharply
• Likely to fall to support level 70.00
Brent crude oil recently broke through the combined support zone lying at the intersection of the key support level 77.00 (which stopped the previous minor impulse wave 1) and the 38.2% Fibonacci correction of the upward price impulse 3 from the middle of August. The breakout of this support zone accelerated the active short-term impulse wave 3 – which belongs to the intermediate impulse wave (C) from the start of November.
Brent crude oil can be expected to fall further toward the next round support level 70.00 (low of the minor correction 2 from September and the target for the completion of the active impulse wave 3).