Brent oil is expected to retest a support of $84.28 per barrel, a break below which could open the way towards $82.35.
Oil is riding on a wave e, the fifth wave of a five-wave cycle from the Nov. 7 high of $99.56. This wave may travel to $78.30, as pointed by a falling trendline.
A realistic target is $82.35, which will be confirmed when oil breaks $84.28. The first part of the wave e has completed, as it could be broken down into five smaller waves.
This five-wave mode indicates a deep…