Brent crude oil Wave Analysis – 30 January, 2020

• Brent crude oil falling inside impulse wave (3)
• Likely to fall to 56.00

Brent crude oil recently reversed down from the round resistance level 60.00 (former support level, which reversed the price in October and November, acting as the resistance after it was broken previously).

The downward reversal from this resistance level continues the active medium-term impulse wave (3) – which is part of the longer-term downward impulse sequence ③ from the start of January.

Brent crude oil is likely to fall further toward the next support level 56.00 (target price for the completion of the active impulse wave (3)).