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hardnox
Advisor

CRB

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

 

Best count I can come up with- heading into a 5th of a 3rd which would mean some sort of meaningful bounce should start sometime in a month or so.

 

Since wave 1 of 3 is extended and longer than 3 of 3 and 3 cannot be the shortest wave under Elliott rules, 5 can't extend past about 466.

 

Only gussing but might see a replay of this year where following a pretty good beating of commodity bulls in 2013 there was a reallocation of money back to commodities early in the year?

 

On a larger degree, a 5th wave probably takes us to significantly lower lows by the middle of 2015.

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2 Replies
c-x-1
Veteran Advisor

Re: CRB

looks like a buy in here with a target up to 600 into next fall

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hardnox
Advisor

Re: CRB

Decent day for the index today but on its way to giving up the gains today.  Kind of an important place to make a stand technically, and also we're heading toward the point on the calendar where if we don't get out of here commodity investments will generally be red for the year and you'll see a constant drip of tax selling against.

 

Watching crude and gold to see if they make new swing lows or not.

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