This is the very first time that I have put up this chart as it is a new one which seems to be a blend of fuel that can be used for diesel, jet fuel and heating oil. I just looked at the big wave counts and I think much of it is the same as crude oil. There would be differences as this fuel is at the mercy of the distilleries, and can dramatically change due to weather or climate related events. Wild moves in all directions would be the norm, but we could also be going up to another (E) wave in Intermediate degree.
The 2016 low pierced well into the 2000 peak so that kills the potential for an impulse 5th wave rally. Some say you can dip into wave one like this in futures, but the patterns for the rest of this year should give us more of a clue, if this present rally acts like an impulse. At this time I don’t think that would be the case, but we will watch for it when the time is right.
I am sure that the $3.30 price from 2011-2013 will get exceeded again, and then this USLD chart is only a hop and skip, away from reaching all new record highs.