Gas oil, in the search phase for an ideal positionA satisfactory correction has been completed. Nice bullish candle signal on the weekly chart. This week you may want to look for a good position to buy. CAPITALCOM:GASOIL
GASOIL trade ideas
#Gasoil UpdateThe Gasoil chart also has several alternatives to how it can shape the end of the uptrend. I indicated them on the chart below. Black labels mark the alternative scenario. Probability is not much different from each other. In summary, we have to prepare for a volatile environment which would be difficult to orientate until it is over and wave of X is formed.
#Gasoil Update #OOTTThis time, Gasoil has a more defined structure, signalling that the advance will continue. The final shape is yet unknown. The terminating diagonal is solely included for illustration purposes.
#Gasoil UpdateSimilar to WTI, I expect gasoil prices to take off almost immediately and through the roof.
#Gasoil Update Gasoil Elliott Wave story is less controversial than Crude Oil story . The price rests on Moving Averages support and Gasoil crack appears to be on an upward trend too. This suggests that refinery margins are likely to improve.
In practice, this means that Gasoil prices are likely to grow faster than Oil prices, perhaps due to unsatisfied demand for diesel fuel.
What I also dislike a bit here is that wave (ii) seems a bit too complicated, being a combination of flat w, simple zigzag x and another simple zigzag y. I was taught that although possible such combinations are rare and shall be used only labeling in retrospective when no other alternatives fit. Now it is part of the ongoing trade and if I am proven wrong I will have to stricten my rules about this combination.
GASOIL UpdateWith today's vicious dip, Gasoil invalidated many alternative scenarios, and I am inclined to see a bullish trend accelerating.
Gasoil UpdateThe price of gasoil has caused me to reconsider my near-term oil price forecast, allowing for another week of correction before the price is expected to take off.
As a result, I've reduced the number of waves in progress to two: leading diagonal (i) and expanded flat (ii).
Gasoil Update The fact that the price did not touch the redline (the starting point of wave a) means that within the current scenario of abc flat only one option is possible - regular flat where wave c travels beyond the low of wave a but stays above wave (i) starting point. That places the target within a green rectangular boundaries. Of course this is a very, very speculative scenario hinging on a lot of assumptions. The biggest assumption is the regular flat, because regular flat is the rarest form of flat correction.
Perhaps a more probable scenario is that the price will penetrate the red line and reverses to form a shallower wave c
GASOIL Update Today I did some complex charting and out of the box thinking to stay on track and in positions.
