Brent oil is in the giant range of $16 and $150
The price is in the decline within the red large leg 2 down.
It consists of 2 white smaller legs.
Leg ii is in the progress after a small consolidation (blue).
The first downward target is at the bottom of red large leg 1 at $36
The next target is located at the equal distance of red large leg 1 in second leg at $27
Saudi Arabia gave up oil target of $100 to increase output.
Cooling Chinese economy is also a bearish factor.
The price is in the decline within the red large leg 2 down.
It consists of 2 white smaller legs.
Leg ii is in the progress after a small consolidation (blue).
The first downward target is at the bottom of red large leg 1 at $36
The next target is located at the equal distance of red large leg 1 in second leg at $27
Saudi Arabia gave up oil target of $100 to increase output.
Cooling Chinese economy is also a bearish factor.
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