I am not advocating for a outright long position but I am saying we need to be nimble. Real tend traders might want to wait for the retracement to finish and then pile in short.
By the way sorry for the EW jargon. I usually try to hide it. Not wanting to send some traders to sleep (lol)
Indeed this index has retraced upwards as I thought when I first typed this idea. As you can see on the chart price did go up and in fact commodities did well this last week pulled up by crude oil. Now I am turning my mind to looking for the end of the retracement and another fall in this index. If this happens look for commodities that have had a good run this week to start to fall