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

On the daily chart, the downward correctional second wave of the highest level (2) and the wave C of (2) develop. On the four-hour chart, the fifth wave of the lowest level v of C of (2) is forming, within which the wave (iii) of v of C has ended, and the correctional wave (iv) of v of C is developing. If the assumption is correct, the price of the asset will fall to the area of 55.00–50.00. In this scenario, the critical stop loss level is 65.50.

Brent Crude Oil prices remain in a downward trend amid ongoing oversupply in the market: currently, the price is testing the support zone of 60.20–59.37 (Fibonacci retracement 61.6%, Murrey level [2/8]), consolidation below which will become a driver for strengthening the movement towards the targets of 56.25 (Murrey level [0/8]) and 54.68 (Murrey level [–1/8]). 

Brent Crude Oil prices are trending lower, holding just below 61.00 after the start of Operation Midnight Hammer against Venezuela, with several major media outlets, including CBS News, reporting that President Donald Trump personally ordered the strikes on civilian and military targets in Caracas and the capture of President Nicolás Maduro and his wife, Cilia Flores, who will now stand trial in New York on narco-terrorism charges. 

On the four-hour chart, around one of the key support levels at 59.98, a Bull Harami reversal candlestick pattern is forming, which warns traders of a trend reversal, as does the Three Advancing White Soldiers pattern, confirming intense pressure on the price from buyers.