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

• (A) = (C)
  
• 1 of (C) = 5 of (C)
  
• wave A 0.886 retracement
  
• 1.618 XA projection from bearish crab harmonics
  

הערה:

wave 5 of (C) came out to be 1.618 of wave 1 and fall 4 cents short the start of wave (A)

הערה:

Plan for next week

Short @ 54.5 Stop @ 54.7 Target 51.6