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CCI CRB

http://stockcharts.com/h-sc/ui?s=$cci

 

A possibly completed 5 down, finally, and a challenge of the 50dma due for the first time in 5 months. Trees don't grow to the sky and wells don't hit China.

 

Think we should have a bounce here, perhaps more a time killer than a big jump pricewise although the EW view would put an objective around the high of wave 4 of the rpevious degree- around 515, and tht would also be approx 38% of the downleg, so I won't discount it.

 

I'd favor softs, metals and a dead kitty bounce in energies doing the heaviest lifting with grains the laggards, but we'll see.

 

I'd also favor more broad commodity weakness and dollar strength in the not too distant future. Again, time will tell.

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