Brent oil may retest a support at $80.56 per barrel, a break below which could open the way towards $78.48.

The current bounce mainly observes a set of retracements on the fall from $89.37. In the meantime, it is roughly controlled by a set of projection levels on a wave c from $78.28.

The wave c only managed to briefly travel above its 61.8% projection level of $83.27. The following deep drop suggests a completion of this wave.

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However, the pattern from $75.11 looks like a rising wedge, which may sometimes develop into five small waves. So far, only three have unfolded. Whether the drop on Thursday was driven by a wave d is subject to a further observation. But such a possibility does exist.

A break above $82.24 may lead to a gain to $83.92. On the daily chart, a resistance at $83.63 stopped the bounce again. Unless oil could stand firm above this level on Friday, the downtrend from $125.19 will be likely to resume, especially if oil could close below $80.72.