Brent oil is expected to fall into a range of $76.45-$78.30 per barrel, driven by a powerful wave e. This is the fifth wave of a five-wave cycle from the Nov. 7 high of $99.56.

It may travel to $76.45, as pointed by a falling trendline.

Five smaller waves make up this wave e.

The fiercest wave 3 is unfolding rapidly towards the target zone.

Fundamentally, the widespread protests and clashes in China fuel the swift extension of this wave.

A bounce is unlikely to occur before oil drops into $76.45-$78.30 range.

Brent oil to retest support of $84.28

Immediate resistance is at $82.35, a break above which may lead to a gain into $83.14-$84.28 range. On the daily chart, oil broke a support at $83.63.

The break opened the way towards $57.95-$67.75 range.

However, the support at $77.56 may temporarily stop the drop, as the support is coincidentally established by the 114.6% projection level and the 50% retracement.