Brent (UKOIL) — H4 Formation of a Potential Wave 3Brent Oil FuturesFX:UKOILNewOneCryptoBrent Crude Oil (UKOIL) — H4 Formation of a Potential Wave 3 + Trendline Break (Bullish Continuation) 🔎 Market Structure (H4) On the H4 timeframe, Brent is forming the technical conditions for the development of a potential Wave 3 to the upside, confirmed by: a breakout above the corrective trendline (structure shift) completion of the pullback phase (Wave 2) after the prior impulse rebound from the local support zone with recovery in bullish momentum transition from corrective price action into potential impulsive continuation This setup fits a classic Elliott Wave continuation model, where Wave 3 often starts after Wave 2 completes and price exits the corrective structure. 📐 Elliott Wave Context Wave 1: initial impulsive move up (trend initiation) Wave 2: corrective retracement / consolidation into support Wave 3: expected impulsive expansion higher (current scenario) 📌 Key principle: The bullish scenario remains valid as long as price holds above the low of Wave 1. 📍 Entry Entry: 104.540 The entry is positioned: above the broken trendline (breakout confirmation zone) inside the impulse activation area after correction completion aligned with continuation momentum rather than chasing extension 🎯 Target Levels (Wave 3 Projections) Targets are derived from projected impulse expansion zones and key reaction levels: TP1: 114.083 TP2: 123.684 TP3: 133.386 TP4: 141.925 Each target represents a potential reaction zone and a logical level for partial profit-taking during Wave 3 development. 🛑 Invalidation / Stop Loss Stop Loss: 95.815 📍 The stop is placed below the low of Wave 1, which: invalidates the Wave 3 bullish scenario if breached signals a deeper correction / structure failure protects against a false breakout and reversal 🧠 Risk & Trade Management Trend-following setup Wave 3 can accelerate quickly once momentum expands. Recommended approach: partial profits at TP1 / TP2 move stop to breakeven after clean impulsive continuation is confirmed avoid increasing risk during choppy pullbacks scaling is preferable only on pullbacks that hold above the broken trendline as support 📌 Summary Brent on H4 shows a corrective trendline breakout and structural conditions for a potential Wave 3 continuation to the upside. The bullish scenario remains valid above 95.815, with upside targets at 114.083 → 123.684 → 133.386 → 141.925.