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Commodities

Crude

Crude Oil is dangerously poised after weeks of trying to extend wave v of 5. Time wise now wave i and iii are both 3 weeks long. So we are running out on time for it to hit 75. At 72.90 yesterday maybe we are forming a ending diagonal in crude oil prices on daily charts in wave v of 5. It is therefore a dangerous trade being long near term till the high is surpassed. On the other hand a pullback to the lower end of the channel near 66.40 or the wave 4 low at 60 maybe more probable. A break of 71 would be the first sign of a weakening trend. This is a weekly charat. Fractal wise 5=1 was at 72, so all has been achieved on that front.

crude 230518

Copper

Copper prices have not fallen much since the 61.8% retracement in the X wave. The fall did not make new lows and might end up looking like a triangle. If prices breakout above 3.115 and 3.143 then I would be bullish on copper again.

copper 220518

CRB Index

The CRB index of commodities is pretty clear on the trend and pattern. It also to a large degree reflects the trend in energy and mainly Oil/Crude. So on this chart we are still inside a probable wave iv of 5 that can dip to complete a triangle near term but after that should rally to new highs in wave v of 5. In other words we have a long way to go before we call an end to the current rally in Crude. Any dip to 69.60 near the 20 dma might end up being a temporary reaction. Unless we close below that the trend up would continue.

crb 180518

Crude

Everyone expecting a crash in Oil prices, only after wave 5 completes. Now we are in wave v of 5. And within that wave iii that now points to 74.60 next. A few more pushes higher ane wave 5 will complete eventually.

crude 160518

Platinium

For Long I have discussed a triangle on gold and silver but it very clear on Platinium, and finally we are coming close to the lower end of the range. If the lower line for Platinium holds so should it for the precious metals. 880 is where the line is placed

platinium

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