This is the PowerShares DB
Commodity Index. With more than 40% of the index weighted in different forms of oil
(Light, Brent, Heating, and RBOB), it resembles the charts of crude and Brent we follow but with a more bearish elliott wave
count. Circle wave iv may be underway (crude is up 2.5% right now) and I have thrown up a cluster of Fibs in order to identify a potential stopping zone before the downward trend resumes. Clearly and without a shadow of a doubt, commodities
have not bottomed.