Crude Oil - closed the week with a bullish i-ii setup for a rally in wave ( c ) of ( iv ) up

I still think we should get a corrective rally in wave ( c ) of ( iv ). As soon as we complete that corrective wave ( iv ) up the decline to new lows may resume.

The tight trading withing a narrow range last week is a textbook example of a triangle corrective structure of the wave ( b ) down. It’s a decent setup because we have a very tight stop at 50.50 and a target for the move at 55.73

Crude Oil - 45 min chart updated on 15 December 2018