WTI has met resistance at 63.6 with wick highs on the previous 4-hr wicks and a consolidation zone around the impulse wave labeled "2". We won't be taking this trade personally, as we favor Oil in long only positions right now with the current fundamentals of the market. However, If you want to take the risk with around 50 pips in drawdown, 61 seems much more likely as tonights rejection of the zone of resistance in blue.
If we can see a 4-hr snap above the counter trend-line (blue), this trade setup will be invalidated.
Even though we are staying out of this trade there are a potential +260 pips in profit to the first downside target, which seems much more likely than a push through the current zone of resistance.