In the H4 chart, divergence on MACD made the asset complete its long-term uptrend and start a new decline, which has already reached 38.2% and may later continue towards 50.0%, 61.8%, and 76.0% fibo at 70.99, 69.44, and 67.61 respectively. The key downside target is the fractal support at 64.50, a breakout of which may lead to a reversal of the long-term tendency. the resistance is the high at 77.47. If Brent breaks this level, the instrument may continue moving upwards to reach the long-term high at 87.09.
As we can see in the H1 chart, the first descending impulse has reached 61.8% and may be followed by a local correction there. The next descending movement will be heading to break 76.0% fibo and the low at 72.80 and 71.73 respectively and then move towards the mid-term 50.0% fibo at 70.99.
As we can see in the H4 chart, the asset is trying to break the high 35102.0 and may succeed but only after a pullback. If the price finally breaks the high, the instrument may reach the post-correctional extension area between 138.2% and 161.8% fibo at 35890.0 and 36378.0 respectively. On the other hand, a rebound from the high may result in a new descending wave within the mid-term correction. The first downside target may be the support at 33035.0, a breakout of which may lead to a further downtrend towards 23.6% and 38.2% fibo at 32968.5 and 31651.0 respectively.
The H1 chart shows a more detailed structure of the potential correction, after the previous rising wave, divergence, and a test of the high. The first downside target is 23.6% fibo at 34589.0, a breakout of which will lead to a further downtrend towards 38.2% and 50.0% fibo at 34292.5 and 34053.4 respectively. The local resistance is at 35069.0.