Ask HN: Rebuffed in promotion.. now what?

Hi HN, Entry-level engineer who's been here for 1.5 years + .5year as an intern. Here's the situation: * Old boss promised promotion at end of quarter. * Old boss leaves company at beginning of quarter. * New boss comes in at beginning of quarter. * I achieve top marks during the quarter the new boss is here. I get along with the new boss a lot better than my old boss. But when I raised my interest in moving up a level, he said he's not convinced that I deserve a promotion despite my years and great performance while he was here. It's personally frustrating for me because many of my peers have already been promoted and I'm still entry-level. I know he's new and all, but I'm a bit annoyed at having to rebuild the respect my old boss had for my work ethic. What should I do? It'll be another half year before promotions are considered again. I enjoy the work but I feel that I'm doing much more than what I'm getting paid/recognized for. I could try talking to him again, but what would I say? Is it time for me to move on? Thanks.