wayusa

Getting ready for wave C of Crude Oil consolidation

NYMEX:CLG2017   LIGHT CRUDE OIL FUTURES (FEB 2017)
Wave count suggest NYMEX: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
评论: wave 5 of (C) came out to be 1.618 of wave 1 and fall 4 cents short the start of wave (A)

评论: Plan for next week

Short @ 54.5 Stop @ 54.7 Target 51.6

the recomend is sell?
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wayusa nauphal.ghany
@nauphal.ghany, from now, the recommendation is to celebrate holidays :)

I think we are still in wave 4 circled, consolidating, with a potential to go a bit lower, to say 53.2x. Over all, my intermediate term (1st week of NY) view is bearish. So I would advise sell after another up leg.

Cheers!
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Nice work!
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wayusa AlphaDreams
@AlphaDreams, Thanks!
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