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Commodities

CRB Index

CRB index has fallen in 3 waves and could be due for another move back up to 198 near the upper line. It could be impulsive or as shown wave d of a on going triangle structure. We will see at that point. A triangle has 5 waves a-b-c-d-e and so failure to breakout above 198 would mean wave e down later in the final wave of consolidation. 

crb 240317

Copper

Copper prices bounced off the 20 week average again. So will we bottom at 2.58 or 2.48 remains open. It could be either. Maybe wave z is done or we will see one more sell off in copper before its done. A move above 2.70 should mean that wave 3 to new highs has already begun.

copper-230317

CRB Index

The CRB index closed the week positive and may have bottomed near the lower end of the one year range. So we may again go up to test the upper end of the range. Wave wise keep both alternates open, wave 3 up or (d) up has started let us see.

crb-180317

Copper

Copper - sold off the highs today. It is close to the falling trendline from the highs at 2.71. The daily momentum however turned into a buy. The recent low for copper was at the 20 week average. So if prices do breakout above 2.71 it would confirm that the rally is not an X wave before another decline but the start of a move to a new high.

copper-170317

Wheat Ncdex

The recent crash in Prices of Wheat was a surprise but it did achieve the target put out last year. However I expected the trend to conitnue. So we may have completed a longer term wave 1 [blue] and are in wave 2 down. 1571 is 38.2% and 1405 is 50%. One of these levels will work as a bottom for Wheat and a larger advance should start. Will update again once the move shows up. We are close to the first level as of now.

wheat-160317

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