Rbob High

Active Mo. Weekly
click to enlarge

In Elliott terms, it looks like a B wave in what will eventually become a flat correction, with the C retracing virtually all of the B if not actually exceeding it, as in C =A. The c=a is a highly likely candidate for a reversal. So far no negative divergence on the 14 Week RSI though it is mighty hot. And really. is it likely that the world economy can support higher gas prices than in 2008?
Here there is negative divergence on 14 RSI . Check out the Fib. retrace points of "c", and how they "coincidentally" line up with other important support.
 click to enlarge
And of course negative divergence here as well.
Wouldn't want to see the .618 retrace at 3.25 taken out if I was a bull.
OOPs, almost forgot, the seasonal high also hits around here somewhere.


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