Thursday, May 17, 2012

Gasoline -corrective bounce due?

Short term it looks like it might be.
After carving out what can be counted as 5 sub waves down for a 1st wave, hitting the Fib. .382 retrace around 2.82 , and driving the RSI into oversold territory....
yeah it might be.
Daily
click to enlarge\
But this is one bounce you want to fade... around the 4th of lesser degree at 3.15 and  the .618 around 3.18.
Why? Pls see RBOB Top? from May 2nd.

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