GASOLINE topped out at 4.4232 on Mon 06 Jun 2022 and then started dropping.
The decline looks like a classic three-wave corrective zigzag, and wave © formed an ending diagonal.
The structure finished around the 1.6799 invalidation level — so, based on the data from the chart, both scenarios you’re watching are now invalidated.
Pay close attention: wave © broke out of the corrective channel.
In patterns where wave (A) is sharp (impulsive-like), wave © often ends up building an ending diagonal.
And here’s the interesting part: if the final wave is diagonal (whether it’s coming from an impulse-style path or a diagonal zigzag), price sometimes does the opposite and effectively reverses/cancels the whole ending diagonal structure.
Now I’ve got two ideas for the next move:
Blue aggressive idea:
If price breaks above the previous peak (your current “blue” level) and then forms any corrective pattern, while keeping respect for the move into First invalidation at 2.8490, then the bullish setup stays fully valid with strong confirmation.
Black conservative idea:
Alternatively, the final part of wave 5 of I might still be unfolding, and then we could be entering a fresh corrective phase.
If that happens, it can also match a bullish outlook for the gas oil market overall.
I’m “Mr. Nobody” — I listen to what the patterns say, and I’m sharing what the chart is telling us.
The decline looks like a classic three-wave corrective zigzag, and wave © formed an ending diagonal.
The structure finished around the 1.6799 invalidation level — so, based on the data from the chart, both scenarios you’re watching are now invalidated.
Pay close attention: wave © broke out of the corrective channel.
In patterns where wave (A) is sharp (impulsive-like), wave © often ends up building an ending diagonal.
And here’s the interesting part: if the final wave is diagonal (whether it’s coming from an impulse-style path or a diagonal zigzag), price sometimes does the opposite and effectively reverses/cancels the whole ending diagonal structure.
Now I’ve got two ideas for the next move:
Blue aggressive idea:
If price breaks above the previous peak (your current “blue” level) and then forms any corrective pattern, while keeping respect for the move into First invalidation at 2.8490, then the bullish setup stays fully valid with strong confirmation.
Black conservative idea:
Alternatively, the final part of wave 5 of I might still be unfolding, and then we could be entering a fresh corrective phase.
If that happens, it can also match a bullish outlook for the gas oil market overall.
I’m “Mr. Nobody” — I listen to what the patterns say, and I’m sharing what the chart is telling us.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.