The probability of growth remains.

On the weekly chart, the downward correction representing the second wave (2) of the higher degree has been completed, and the formation of the ascending third wave (3) has commenced. On the daily timeframe, the development of the first wave of the minor degree, wave 1 of (3), continues, including wave v of 1. If this scenario proves correct, the asset’s upward trend is expected to continue toward the 120.50–140.00 zone, with a critical stop loss at 92.44.

Brent Crude Oil benchmark prices are trading within a corrective phase slightly above 92.0 dollars per barrel, having retraced materially from the local high at 100.00 dollars per barrel.

During the morning session, prices for benchmark Brent Crude Oil are expanding on last Friday’s bullish momentum, which allowed them to retreat from local lows, and are testing the 108.00 level amid the geopolitical situation in the Middle East.