RBOB Gasoline Futures Review

Once the December 2018 crash had completed RBOB gasoline started to roar, well sort of because it was choppy all the way up.  It peaked in April 2019 and then again proceeded to crash. The decline can only fit into a diagonal as the 4th wave has come back, well into my wave 2 top in Minute degree.

Forcing a diagonal wave into an impulse is not an option from my perspective.  Violent swings are pretty normal in commodities so if a reversal is due then any price support will not hold.  Analysts that will call for price support are still thinking “Bull Market” not bear market rally.

Gasoline has been in a bear market since the 2008 peak which most investors know little about.  Elliott wave positions are emotional reminders so we can never forget.

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