Heating Oil (futures). is ranging in a symmetrical triangle of corrective waves pattern. from the diagram above wave (b) retrace 0.886 of wave (a) @ 1.6640. wave (c) retrace 0.618 of wave (b) @ 2.0518. within the triangular range is we expected to see wave (d) to retrace 0.886 of wave (c) @ 1.7139, and wave (e) to retrace 0.618 of (d) @ 1.9416. however at the end the wave (e) price is expected to continue its bearish trend to 1.618% @ 1.1555 of 1.5930 to 2.2439.
HO1! is positively correlated with Crude Oil, Gasoline, and other Oil ETF's.