A continuation of the downtrend from the high of $123.68 on June 14 is indicated by the decline from the high of $114.05 on June 29.
Five waves of the decline indicate a very small bounce from the $104.56 low reached on July 1.
In actuality, the bounce might have ended up circling a barrier at $109.27.
Brent oil might test $113.97 again as support.
Oil is about to decline once more, approaching $104.56.
Breaking through $109.27 could result in a rise into the $110.39–112.03 region.
Oil is riding wave
(C) on the daily chart, which is forecast to go as high as $100.46 or as low as $86.11.
On July 1, the white candlestick does not appear to be large enough to join the black candle that came before it to produce a reversal signal.
The wave (C) would probably shortly continue.
