A fall is possible.

On the daily chart, the first wave of the higher level (1) formed, and a downward correction develops as the second wave (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C of (2) has ended, a local correction has ended as the second wave ii of C of (2), and the third wave iii of C of (2) is forming, within which the wave (iii) of iii has started. If the assumption is correct, the price of the asset will fall to the area of 70.00–62.50. In this scenario, critical stop loss level is 82.35.

Brent Crude Oil quotes have been actively declining for the second month in a row: last week, they tested the support level of 81.25 (Murrey level [0/8]), but could not break below it and adjusted to the area of 84.38 (Murrey level [2/8]).

Brent Crude Oil lost 2.0% to hit a low of 80.83 as FOMC minutes reflected officials’ fears of rising inflation. However, on Friday, the price returned to the support area of 81.90–83.10.

Prices for benchmark Brent Crude Oil are correcting, trading just above 82.00 amid uncertainty over the next steps of the Iranian government, which has recently increased oil production but it is unknown whether this strategy will continue after the death of President Seyed Ibrahim Raisi and Foreign Minister Hossein Amir-Abdollahian as a result of a helicopter crash in the province of East Azerbaijan.