Brent Crude Has Topped @ 36.90 or Could Print $38.00

Brent Crude drop from $36.90 until yesterday seems to be a flat/corrective. Hence probability remains that there could be another high before Wave 5 terminates. As seen on the chart here, the fibonacci 0.618 extension of Waves 1 to 3 is seen around $38.99. The counts have been adjusted accordingly, leaving room for another push towards $38/39 levels before reversing lower again. Either way, Brent is on its way towards a long term bullish reversal and a meaningful corrective drop would provide yet another opportunity to initiate long positions. Overall, Brent Crude structure remains bullish against $15.00, going forward.

Strategy:

Long against $15, targeting above $50/60, long term.

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