empty
10.03.2021 02:03 AM
Wave analysis of Brent oil for March 9, 2021

Brent oil, Daily chart:

This image is no longer relevant

An analysis on the daily time frame shows the structure of the bundle wave [X], which is part of the global triple zigzag.

It is worth noting that wave [X] takes the form of a double zigzag (W)-(X)-(Y). Earlier, the market entirely finished forming the downward wave of the bundle (X), and then began to move upwards within the final active wave (Y).

There is a possibility that wave (Y) will have a simple zigzag. For example, an A-B-C shape, like the first two sub-waves (W) and (X).

Now, let's talk about the structure of the last part of the chart on the H4 time frame.

Brent oil, H4 chart:

This image is no longer relevant

The market fulfilled the formation of the bearish correction B during the start of November 2020. After that, an impulsive price growth was observed.

At present, there is a formation of a bullish impulse wave C, which includes five sub-waves [1]-[2]-[3]-[4]-[5]. It can be noted that the first four parts of this impulse wave are already done forming, while the last sub-wave [5] is still starting its development.

As for the short-term, it shows on the chart how sub-waves (2)-(3)-(4)-(5) form an impulse wave [5]. It is expected to be completed around the level of 79.00, from which the value of wave [5] will be 61.8% along the Fibonacci lines of the impulse [3]. It is very likely to reach the indicated coefficient.

As a result, opening long positions can be considered to be able to take profit at the end of the impulse [5].

Roman Onegin,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Roman Onegin
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD Analysis on July 24, 2025

The wave pattern for the GBP/USD pair continues to indicate the formation of an upward impulsive wave pattern. The wave picture is almost identical to that of EUR/USD

Chin Zhao 20:17 2025-07-24 UTC+2

EUR/USD Analysis on July 24, 2025

The wave pattern on the 4-hour EUR/USD chart has remained unchanged for several months. The upward segment of the trend continues to develop, and the news background still supports

Chin Zhao 20:00 2025-07-24 UTC+2

GBP/USD Analysis on July 23, 2025

The wave pattern for GBP/USD continues to indicate the formation of a bullish impulsive wave structure. The wave picture is nearly identical to that of EUR/USD, as the U.S. dollar

Chin Zhao 20:25 2025-07-23 UTC+2

EUR/USD Analysis on July 23, 2025

The wave pattern on the 4-hour chart for EUR/USD has remained unchanged for several months. The upward trend segment continues to form, while the news background continues to support

Chin Zhao 20:17 2025-07-23 UTC+2

GBP/USD Analysis on July 22, 2025

The wave pattern for GBP/USD continues to indicate the formation of a bullish impulse wave structure. The wave configuration is almost identical to that of EUR/USD, as the U.S. dollar

Chin Zhao 20:26 2025-07-22 UTC+2

EUR/USD Analysis on July 22, 2025

The wave pattern on the 4-hour EUR/USD chart has remained unchanged for several consecutive months. The formation of an upward trend segment continues, while the news background still supports

Chin Zhao 20:23 2025-07-22 UTC+2

GBP/USD Analysis on July 21, 2025

The wave pattern of the GBP/USD pair continues to indicate the formation of a bullish impulse wave pattern. The wave picture closely resembles that of the EUR/USD pair

Chin Zhao 20:14 2025-07-21 UTC+2

EUR/USD Analysis on July 21, 2025

The wave pattern on the 4-hour EUR/USD chart has remained unchanged for several months. The formation of an upward trend segment continues, supported by the news background that favors

Chin Zhao 20:06 2025-07-21 UTC+2

Weekly Forecast Using Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and USD Dollar Index – July 21st

GBP/USD Analysis: The British pound continues its downward movement, which began a month ago. After breaking a strong intermediate support level last week, the pair rebounded, forming a correction along

Isabel Clark 11:22 2025-07-21 UTC+2

Weekly Forecast Using Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and GOLD – July 21st

EUR/USD Analysis:The upward trend in the main euro pair, which began in February this year, has brought the quotes to the lower boundary of a broad potential reversal zone

Isabel Clark 11:05 2025-07-21 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.