BRENT CRUDE starting to look nice!
We saw the impulse break of the YTD trendline yesterday (01 Aug 2019) in Brent Crude and are looking at retest right now at 62.20.
This happened following a 12345 Elliott Wave move lower and an ABCDE correction. A move lower is the highest probability outcome from here and the $50 level is very possible if we break the $60 support. This could be traded from these levels with a safe stop above $64.50 area but a cleaner way is to wait for the break and reset of the $60 level which should coincide with the LEG 4 correction.
Lots of scenarios that could play out so watch carefully and time entry for move lower. A move above the blue dotted line is the time to reconsider this idea.
This happened following a 12345 Elliott Wave move lower and an ABCDE correction. A move lower is the highest probability outcome from here and the $50 level is very possible if we break the $60 support. This could be traded from these levels with a safe stop above $64.50 area but a cleaner way is to wait for the break and reset of the $60 level which should coincide with the LEG 4 correction.
Lots of scenarios that could play out so watch carefully and time entry for move lower. A move above the blue dotted line is the time to reconsider this idea.