Getting ready for wave C of Crude Oil consolidation
Wave count suggest
CLG2017
is consolidating within 50.5 - 55.5 range in wave IV.
We might see a little push up to 54.8 tomorrow. Invalidation level for this trade is 53.18 level. We might see a 53.4, during asian or european session, but I don't think we will go down further.
As Crude will complete a zigzag in wave B into a major confluence level @ 54.8 I recommend to take short position in anticipation of impulse wave C.
@ 54.8 we have
CLG2017
is consolidating within 50.5 - 55.5 range in wave IV. We might see a little push up to 54.8 tomorrow. Invalidation level for this trade is 53.18 level. We might see a 53.4, during asian or european session, but I don't think we will go down further.
As Crude will complete a zigzag in wave B into a major confluence level @ 54.8 I recommend to take short position in anticipation of impulse wave C.
@ 54.8 we have
- (A) = (C)
- 1 of (C) = 5 of (C)
- wave A 0.886 retracement
- 1.618 XA projection from bearish crab harmonics
Comment:
wave 5 of (C) came out to be 1.618 of wave 1 and fall 4 cents short the start of wave (A)
Comment:
Plan for next week
Short @ 54.5 Stop @ 54.7 Target 51.6
Short @ 54.5 Stop @ 54.7 Target 51.6