Gasoline Bull Run Update.

From my perspective, we are looking at a rising wedge in Minuette degree. The wide part spans 2 of the same degree levels so we understand that we are looking at a Subminuette degree rising wedge. Rising wedges are used in bull markets and their endings, while falling wedges are used for the ends of bear markets.  Right at the top we see a funny pattern that looks like the gasoline market is giving viewers the middle finger. I think it is flashing a signal to all the gasoline bulls presently driving this market nuts.

Do supply and demand pictures change that fast in such a short period of time to justify the wild gasoline swings? I doubt it as algorithms can’t figure out the fundamentals, yet the fundamentals is what is supposed to drive the markets. In the end no matter what if we think that this market is manipulated, they sure know how to manipulate it in Elliott Wave fashion. Wow, are those manipulators ever good if they can manipulate Elliott Waves at will.

The fact is they always blame “maniulation” when the markets go down, but use fundamentals as an excuse when it goes up!  Investors think that there should be no volatility in the markets, as they get scared when it starts to move violently. “Take a pill folks”, as this is the name of the game in commodities. “Fear” dominates the commodities markets and fundamentals are just lagging indicators not leading indicators.  It took 2 years for analyst’s to see the improving fundamentals, as the expert consensus is extremely bullish right now.

The biggest trend is not going to take gasoline prices to the moon, at least not on this trip!  The biggest gap in all my charts is open in this gasoline chart, so I think that gap will get closed first in the next few years.

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