The 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.
This 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.
Similar to WTI, I expect gasoil prices to take off almost immediately and through the roof.
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...
With today's vicious dip, Gasoil invalidated many alternative scenarios, and I am inclined to see a bullish trend accelerating.
The 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).
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...
Today I did some complex charting and out of the box thinking to stay on track and in positions.