Brent Crude Oil Wave Analysis – 03 September, 2019

• Brent Crude Oil falling inside impulse wave (iii)
• Further losses are likely

Brent Crude Oil continues to fall inside the minor impulse wave (iii), which started earlier from the resistance area lying between the resistance level 61.00, upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse (i) from July.

The price just broke the support level 58.00 – which should strengthen the bearish pressure on Brent Crude Oil.

Brent Crude is expected to fall further and retest the next support level 56.00 (low of the previous impulse wave (i) from August).