Elliott Wave 5.0 "Reboot"

Tuesday, March 8, 2016

Gasoline RBOB (NYMX) Intraday Chart Elliott Wave Count Review: The Impulse, Is it Live Or Is It Memorex!

                                                 Memorex tape commercial - YouTube

This Memorex commercial applies to figuring out if something is a true impulse or not.  Sure, it starts out great at this time, but it does not confirm crude oil. This is understandable as this gasoline is a product of refining and has many limitations as to how much inventory is kept lying around at any given time.  RBOB gasoline never dropped below 2008 lows so this means I could be working a "C" wave bull market in gasoline. 

With a potential 5th wave ending we should head into a correction, which could send gasoline back down to the 1.32 range. Anymore and the impulse wave gets trashed and an alternate must be found. 
Even if we just topped at a new wave 1 then we can take a bit lower than 1.30 before it has to crank up again.

On the weekly chart this move up produced a "huge" gap that does not show up on any other chart, that I have looked at.  Gasoline has also had the lowest bullish consensus report I have ever seen, so this adds to the bullish potential gasoline still has.