Gasoline has likely seen it's high for the year. The spring seasonal high is, on avg., May 15 (27 year of data), 13 of the data points occurred in April, 7 in May, and 4 in March. The recent April 3 high is par for the course. Both 2010 and 2011 peaked in the first week of May.
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Note the negative divergence on the RSI and cross-over of the MACD following negative divergence.
The above labeling depicts a double zig zag WXY, potentially completing the B wave up from the 2008 low of .78. The initial A wave down from 3.63 was a clear 5 waves .
The fact that the B wave has retraced 92% of the A wave move , makes the structure of the correction a "flat " type.
If the B wave up is complete, then the C=A comes in at .58,
The .78 retrace of the entire move up from the 1987 low of .30 comes in at .82, essentially a double bottom against the .78 A wave low. Double bottoms are characteristic of "flat" type corrections.
If the B wave is not complete, it is still possible to get another zig zag up for the the max allowed "triple zig zag", after another X wave down.
The first X wave retraced a modest 38% of the W.
AS shown in the above chart a similar 38% X wave retrace of Y targets 2.40
So at the very least serious intermediate term downside risk, potentially catastrophic long term risk.
The Daily chart looks oversold shorter term, so a little consolidation, limited to a 50% retrace of the
last leg , around 3.22, would be consistent with expected continued weakness.
Taking out the Fibonacci points above will of course increasingly reinforce the negative interpretation.