Aug03 - CPO (Monthly) - Long-term Wave Count, Elliott WXY

Decided to check on the long-term big picture, following CPO recent strong up-move towards 2800 area (again!).

---- marked: grey zone
2600-2800 zone is kinda midpoint to the decade-long correctional pattern following '08'09 subprime crash.
A fib plot of the sharp plunge, shows each levels coincides well with CPO major support & resistance zone.

As of now, its clearly a horizontal correction on monthly/weekly charts,
potential Elliott Double-Three, WXY wave pattern.

I've produced 2 possible counts, as we are nearing completion/already complete WXY.
  • Main Count (orange): currently "Y" wave within WXY Correction, wave 'd' within Elliott Triangle -abcde-
  • Alternate Count (blue): completion of Elliott Triangle -abcde- & WXY Correction in May2020; current bounce = potential Impulse Wave (1)

Leaning towards main count, which suggest yet another test on the infamous 19xx-2000 MAJOR support area ,
before we finally bounce into a new CPO Bull Cycle, by late'2020 or early'2021. 📈📈

Fundamentally, we can relate this long-term bullishness to the dwindling global food supply as agricultural lands rapidly disappear,
-- either gave way to housing/infrastructure, due to pollution, or desertation due to climate change. 🙈🙉🙊

I shall update this count by end-Q3, 2020 -- we shall then see whether we are indeed in a new CPO bull cycle. 🐮🐮
Meanwhile, I'll keep to sideways operation mode :p

Happy Hunting! 🚀🚀
-JK- MyTradingSpace


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