Brent Crude Oil Wave Analysis – 20 December , 2018

• Brent Crude Oil broke support area
• Further losses are likely

Brent Crude Oil recently broke through the support area lying between the support levels 60.00 and 57.00, 61.8% Fibonacci correction of the previous weekly upward impulse from the middle of 2017 and the weekly support trendline from the start of 2016.

The breakout of this support area accelerated the active downward impulse wave ③ which belongs to the sharp downward impulse sequence III from September.

Brent Crude Oil is expected to fall further and re-test the next support levels 55.00 and 50.00.