Seasonal trends in gasoline are very regular and prices on average top out in May.
Unleaded Daily
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Heating Oil not very different on the charts; c=a the common corrective targeting measure.
Weekly
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Daily
The last leg up on the WTI chart does not count easily. There is no clear 5 wave count in the structure; too many overlaps of wave 1, and 3rd waves that are too small. There is little in the way of fibonacci relationships between the sub waves. We are left with a possiblity of a triple abc x structure.
That could change with another new high but for that the bulls need $55 to hold.
There is a potential Fibonacci relationship in the following structure; c=2x a
The above count conforms to my early call for the 43.58 low Jan 30 bottom as the actual termination of the preceding leg down .
Given the drag of products and seasonality this looks like a very high probability short.
There is a potential Fibonacci relationship in the following structure; c=2x a
The above count conforms to my early call for the 43.58 low Jan 30 bottom as the actual termination of the preceding leg down .
Downside targets are 42.50, 40 and 32.
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