Heating Oil on Fire

HO's on fire and dragging the rest of the complex up with it. Imagine how WTI and Rbob would be trading if the Euro/ SP and HO were coming off.
The big picture;
Active Mo. Weekly
click to enlarge
A few very important things jump out on this chart; the 50% retrace of the A is just overhead at 2.71 and the . the c=.618 of the a  at 2.70 . These charts are slightly different from a strict spot mo. chart so at the 2.70 level HO will have retraced 52% of the actual spot month  move down, still within a rough 50% zone.

This move up looks like B wave and acts like a B wave ; it's choppy, hard to count, and taking forever.
Expect the C wave down to begin any moment. It should look a lot like the A after all the permutations of the B.


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