Quotes BRENT crude oil continue to develop upward correction, but at the moment, oil prices are testing the upper limit of tightly bearish Wolfe wave pattern that indicates a probable drop since the current levels to below 46 dollars per barrel.
Forecast oil prices on November 22, 2016. Bearish Wolfe Wave
In favor of the drop in oil prices BRENT favor the formation of reversal pattern failure swing an indicator of relative strength, which also indicates a decrease in the near future. Cancellation option will be a strong growth of quotations of oil above the level of 49.80, which will point to the abolition of the model and the continued development of growth.
Forecast oil prices on November 22, 2016. Bearish Wolfe Wave suggests a drop in prices as part of the beginning of the descending wave Wolf in order to reduce the level of 46 dollars per barrel.