Elliott Wave 5.0 "Reboot"

Thursday, March 10, 2016

Gasoline RBOB Intraday Bull Market Review



Another great run in the price of gasoline with a correction now in progress.  Knocked down my degree levels by one degree as it is clear I have a phobia of counting with too high of a degree. Small degrees are more sensitive to being wrong, but they serve as warning signs as well. 

If we are heading up a "C" wave bull market, then we still have a long way to go. This way I need one full  sequence before we may get close to wave 1 in Minute degree. 

Goldman Sachs says this is all a "Mirage" and it is, when you use fundamentals as the basis of analyzing anything.  If this is a fake, it better show us very soon as what its true intentions are.  

Market sentiment is a technical indicator that has already hit one of the lowest readings I have ever seen, and sooner or later the bearish trend has to end.  All we can do is follow it and track it and catch a major top before the herd figures it out. 

At this time we have a great looking impulse that rose from the bottom, and impulse waves are what we need to point us in the direction of a new trend. They also supply staying power, but only until the "C" wave bull market ends. I think there still is a long way to go, and any "ABC" crashes will keep this bullish phase alive.