Brent Crude Oil quotes have been actively growing since the beginning of last month. Yesterday, prices reached four-month highs around 87.25 but today, they have lost some of the gained positions.

During the Asian session, Brent Crude Oil prices are developing an upward trend at 86.60, renewing the highs of April 30 in anticipation of the US Fed’s transition to a “dovish” course. 

The price is in a correction and a fall is possible.

On the daily chart, a downward correction develops as the second wave of the higher level (2), within which the wave C of (2) forms. Now, the third wave iii of C of (2) is forming, within which the first wave of the lower level (i) of iii has ended, and a local correction is ending as the second wave (ii) of iii. 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 88.00.