RBOB

Nice looking channel working to the downside now.

Going to watch a rebound to the top of the channel (which could coincide with crude bounce - starting to feel a bit stretched on crude now) and that TOC also nice confluence with previous swing high of 1.7700-1.7750 zone. If it rips quickly to 1.8000, that would be an ideal short area. Will keep an eye open.

8/20 update:

We have arrived.

 Long futures 1.531, stop under that swing, 1.50

 That's the continuous contract view... here's Oct (V) daily chart: 

 Long 1.385, stop 1.30; risk = $2,100, target 1.45, gain = $4,200.
A closer look:

Option trade using UGA ETF: