Brent oil still targets $90.24-$91.03 range

Brent oil is poised to break a support at $93.11 and fall into a range of $90.24-$91.03 per barrel, driven by a wave c.

This is the third wave of a three-wave cycle from $110.67. It is expected to extend to $90.24.

The bounce triggered by the support at $93.11 is considered as a part of this wave.

The bounce has been deeply reversed.

The reversal signals a continuation of the wave c.

Strategically, the continuation will be confirmed when oil breaks $93.11, as the bounce may extend, if oil manages to hover above this level.

A break above $96.32 could lead to a gain into $97.76-$99.54 range.

On the daily chart, the downtrend from $125.19 is riding on a wave (C), which could travel to $83.63, its 100% projection level.

Three smaller waves make up this wave. Another projection analysis on the third wave labelled c reveals a lower target of $79.98.

The support at $93.44 triggered a moderate bounce, which is expected to have little impact on the fierce wave (C).