Brent crude oil Wave Analysis – 8 December, 2022

• Brent crude oil broke strong support level 82.65

• Likely to fall to support level 75.00

Brent crude oil recently broke below the strong support level 82.65 (which has been repeatedly reversing the price from the end of September, as can be seen below).

The breakout of the support level 82.65 accelerated the active short-term impulse wave (iii) – which belongs to the sharp impulse wave C from the start of November.

Given the clear multi-month downtrend, Brent crude oil can be expected to fall further toward the next support level 75.00.