Brent Crude is ready to push towards 37.00 levels

Brent Crude might have terminated Wave 4 around 29.34 levels yesterday. As discussed earlier it has unfolded as a triangle consolidation after terminating Wave 3 around 32.00 levels. Brent Crude has been printing higher highs and higher lows since $15.97 lows on April 22, 2020. The wave counts are also pretty clear with 1, 2, 3, and 4 looking to be in place as labelled on the 4H chart here. If the above counts are correct, Wave 5 rally should resume anytime and push above 37.00 handle taking out resistance at 36.30. This would complete the first impulse and also confirm further upside towards the 50.00 handle. A 3 wave corrective drop after 37.00 would provide an excellent opportunity to go long again.

Strategy:

Long against $15, targeting $37 in the short term.

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